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The last week of September began with an increase in the oil market. The cost of the December futures contract for Brent crude oil on the London ICE stock exchange increased by 1.44% to $ 43.02 per barrel, while WTI crude oil rose in price by 1.22% to $ 40.74 per barrel.

Meanwhile, Peru's state-owned oil company Petroperu began to experience problems due to the seizure by the indigenous population of the region of the largest pumping station number 5 on the North Peruvian pipeline ONP, which also houses an oil product warehouse. A group of about 200 residents blocked the entrance to ONP Station 5. According to the oil workers' warning, activities that create sources of ignition, including the use of mobile phones and the transport of goods, are prohibited in the vicinity of oil reservoirs. Petroperú called on the authorities to enforce the law and initiate dialogue with communities in the Amazon. The North Peruvian ONP pipeline is the longest in the country (more than 1,100 kilometers) and transports crude oil across the Andes from the Loreto department to the Pacific port of Bayovar.

On Wednesday, French oil and gas company Total issued a controversial forecast that the oil era would end after 2030. Analysts at Total say that by this time the world will gradually move to more environmentally friendly energy sources. Among the options is natural gas - the company believes that this type of fuel will play a key role in the global market. In addition, Total said that by 2050 the demand for electricity will increase significantly. The growth will be from the current 20% to 40%. The company has already announced its intention to invest in solar and wind energy, as well as in the development of batteries and the development of networks of charging stations.

On Thursday, the market saw a steep peak in oil prices. On fears that the "second wave" of the coronavirus has already begun to undermine demand while OPEC + countries are increasing production, Brent futures have updated lows in 2 weeks. Saudi Arabia in September increased exports by 500 thousand barrels per day and brought it to a record 6.2 million barrels per day since May. Russia in October plans to increase supplies by 9% compared to the previous month, to 17.5 million tons, Transneft reported on Thursday. After the blockade was lifted, Libya is actively increasing production, pumping 300 thousand barrels per day (against 80 thousand a month ago). New barrels are pouring into the market as the number of Covid-19 cases in Europe is approaching spring peaks, and the Spanish authorities are considering a limited quarantine in Madrid. Residents may be barred from leaving their areas if the number of cases exceeds the pandemic threshold. Bloomberg noted that the situation is exacerbated by the fact that European refineries have significant surpluses of diesel fuel, which was not sold out during the weak summer season. Some analysts expressed the opinion that in the near future, oil may fall in price to $ 38 per barrel of Brent.

The week ended in the "red zone", the cost of fuel fell by 2% after the statement by US President Donald Trump that he was diagnosed with COVID-19. Thus, the December Brent futures fell in price to $ 40.12 per barrel. The cost of November futures for the WTI brand fell 2.01% to $ 37.94. The day before, Donald Trump said on his Twitter that he and his wife Melania had a coronavirus. His attending physician, Sean Conley, assured that the president would be able to fulfill all his duties. The couple will remain in the White House for the duration of their recovery, he said. US Vice President Mike Pence wanted Trump to get better.

Company news

01.06.2020 Stop of registration for residents of the Russian Federation Read more ...
16.04.2020 Switching to floating spreads Read more ...
16.04.2020 PC terminal stops Read more ...
10.04.2020 Changes in trading conditions for CFD-instruments for US securities Read more ...
10.04.2020 Temporary closing of trading on a number of instruments Read more ...
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Expert view

25.10.2020 The week of negative dynamics Read more ...
19.10.2020 Report season to start Read more ...
19.10.2020 Libya to come back at the market Read more ...
11.10.2020 Trump's factor Read more ...
11.10.2020 Oil at the price of water Read more ...
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