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Despite the growth of quotations during Monday, by the evening oil prices moved to correctional decline.

The price of June futures for North Sea Brent crude oil mixture fell by 0.6% - to $ 67.89, May futures on WTI - by 0.69%, to $ 64.45 per barrel. Earlier in the course of trading the price of oil rose by about 1% on reports that the American pipeline operator Colonial Pipeline was cyberattacked and disabled the main fuel lines. With the opening of trading on Wall Street, commodity prices moved downward. Many analysts expressed the view that disruptions to transportation in the United States have been a positive factor for oil with nearly half of the diesel and gasoline on the US East Coast being transported via this pipeline.

On Tuesday there was a forecast from OPEC for the growth of oil demand in the world in 2021. Experts did not make any significant changes to the previous version and still expect an increase in demand by 6 million barrels per day, up to 96.5 million barrels per day. The authors of the report downgraded the forecast for oil demand in the first half of this year due to the fact that the economic recovery in the OECD countries of the Americas is slower than expected, as well as due to a surge in morbidity in India and Brazil. On the other hand, accelerating vaccination programs in many regions and increasing population mobility are expected to positively affect demand in the second half of 2021. In their previous forecast in April OPEC analysts also believed that demand in 2021 will grow by 6 million barrels per day, in March the forecast was an increase of 5.9 million barrels per day, and in February - by 5.8 million barrels per day. 

The next day there was a forecast from the International Energy Agency (IEA). The May report states that global oil demand in 2021 will recover by 5.4 million barrels per day (b / d), the forecast is lowered by 270 thousand b / d compared to the estimate of the previous month. The IEA lowered its forecasts for growth in demand in Europe and developed countries of the American continents for the first quarter of this year by 320 thousand bpd and 515 thousand bpd. For India the forecast for demand has been downgraded for the second quarter - by 630 thousand bpd. At the same time, the agency retained its forecast for growth in demand in the second half of the year, believing that mass vaccination will still take the pandemic under control.

On Thursday the epidemiological situation in the world once again became the determining factor of pressure on oil prices. The oil market resumed its decline, and failed to get from the level of $ 70 per barrel of Brent. Futures fell 3% in London and New York amid US inflation stats and news from the Colonial Pipeline, the largest pipeline operator in the United States, shut down by a cyberattack.

As a result, the week ended with a noticeable increase. The price of July futures for North Sea oil mixture of Brent rose by 2.28% - to 68.58 dollars, June futures on WTI - by 2.3%, to 65.29 dollars per barrel. Meanwhile, Baker Hughes reported that the number of operating oil rigs in the US for the week ended May 14 rose by eight to 352 units.

 

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