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November futures for Brent crude during the trading on September 21 fell to $ 41 per barrel (minus 5 percent).

The October futures for American WTI crude oil during trading fell to $ 38.74 (minus 5.8 percent) per barrel. The Libya Observer reported that Libyan National Oil announced the resumption of oil production in the east of the country. The decision follows a statement from the commander of the Libyan National Army (LNA), Khalif Haftar, who announced the lifting of an eight-month blockade of oil fields and ports thanks to an agreement with the UN-recognized government in Tripoli. Before the blockade, oil production in Libya was 1.3 million barrels per day, after which it fell to 100 thousand barrels.

However, the very next day, world oil prices moved to correctional growth and by Tuesday evening showed a confident recovery. The price of November futures for North Sea oil mixture of Brent rose by 0.75% to $ 41.75 per barrel, November futures on WTI - by 0.48% to $ 39.73 per barrel. Meanwhile, October futures for WTI rose in price by 0.59% to $ 39.54 per barrel. According to the head of the economics department of the Swiss bank Julius Baer, Norbert Rucker, who leads Reuters, the path to stabilizing the situation in the oil market has become thornier, but we still see that demand exceeds supply, and the surplus of raw materials is gradually disappearing.

On Wednesday, the growth continued at a higher pace after the publication of data from the US Department of Energy on a decrease in both its reserves and production in the country. According to statistics, oil reserves in the United States for the week fell by 1.6 million barrels, or 0.3%, and reached 494.4 million barrels. Oil production in the country also decreased over the week - by 0.2 million barrels per day, to 10.7 million barrels. The price of November futures for North Sea Brent crude oil rose by 1.56% to $ 42.37 per barrel, November futures on WTI - by 1.51% to $ 40.4 per barrel.

On Thursday, the Iranian tanker Honey managed to break into Venezuela and break the embargo. The port of Jose is loading Venezuela's most famous variety, Merey 16. This export delivery will provide a little respite to the country's weakened oil industry. Such a raid became possible after the shutdown of the transponder of the satellite tracking system on the tanker. Earlier, in the spring and early summer, five Iranian tankers with fuel, food and equipment arrived safely in Venezuela. True, on the way they were accompanied by warships from Iran and Venezuela to prevent possible capture attempts.

The week ended with a decline in the oil market due to investors' concerns about the prospects for the global economy. The situation with the spread of the coronavirus continues to be in the spotlight of traders. The articulated risks of a "second wave" of infection threaten the prospects for recovery and development of the world economy, which in turn creates barriers to the growth of oil demand.

Company news

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Expert view

25.10.2020 The week of negative dynamics Read more ...
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