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The previous week began with an increase in the growth rate of oil quotations due to expectations of a recovery in global demand for raw materials.

The price of August futures for the North Sea Brent oil mix was growing by 2.32% to $ 67.91, July futures - by 2.35%, to $ 68. July futures on WTI rose 2.67% to $ 65.28 per barrel. The optimistic expectations of traders are based on a gradual recovery of the economy and the beginning of easing quarantine restrictions that gives rise to positive in relation to the outlook for demand until the end of the year. In addition, the focus of market participants was on the situation with Iran. The IAEA and Tehran have agreed to extend the agency's inspections in Iran for another month. In the opinion of Gary Cunningham, director of Tradition Energy, the outcome of the negotiations "one way or another" will affect the dynamics of oil prices. At the same time, the analyst noted that "Iranian barrels" will not return to the market as quickly as previously expected.

By the middle of the week the growth in prices slowed down somewhat, but the quotes were still in the “green zone”. On Wednesday the price of August futures for the North Sea oil mixture of Brent rose by 0.25% - up to $ 68.66, July futures - by 0.36%, up to $ 68.9 per barrel. July futures on WTI rose 0.11% to $ 66.14 per barrel. Last night, the American Petroleum Institute (API) reported that the country's commercial oil reserves fell by 0.4 million barrels over the past week. At the same time, API estimates the decline in distillate stocks at 5.1 million barrels. DNB Markets analyst Helge Andre Martinsen, whose opinion is quoted by the Wall Street Journal, believes that the distillate reading as a whole gives a bullish sentiment to the API data.

The next day the growth of quotations accelerated, as strong statistics on the US increased hopes for a recovery in demand for raw materials. If during the day oil became cheaper by almost 1% due to the growing fears of an inflow of Iranian oil to the market in the light of the ongoing negotiations between Iran and other countries on the renewal of the nuclear agreement, then by the evening the dynamics changed. The price of August futures for North Sea Brent crude oil mixture grew by 0.31% - up to 68.94 dollars, for July futures - by 0.38%, up to 69.13 dollars per barrel. July futures for WTI rose in price by 0.57% - up to $ 66.59 per barrel. Many analysts believe that continued growth will not be active as there is no clearly defined trend in the market. According to Bob Yawger, director of energy futures at Mizuho, negotiations with Iran are still more important for oil and the energy market in general.

At the end of the week there was information from the US Department of Energy that the country imported oil from Iran for the first time since November 1991 in March, with average daily supplies amounting to 33,000 barrels. The Energy Information Administration of the US Department of Energy has been citing data since 1973. According to them, the United States regularly imported oil and petroleum products from 1973 to 1979. Then deliveries became less regular. In January 1988 Iran supplied only 1,000 barrels per day of oil and petroleum products to the United States, after which the import ceased until July 1991. For another five months, Iran supplied oil and petroleum products to the United States, and then supplies stopped until October 2020. At the same time the EIA statistics do not contain data from September 2002 to September 2020 inclusive on the supply of oil and oil products from Iran.

 

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