Oil market fears US production growth
On Friday, July 23, the oil market continued to grow, but already in order from a powerful upward movement in the middle of last week: the price of Brent increased by another 0.6% to $73.46 per barrel, and the price of WTI – by 0.43%, to $71.85 per barrel.
Baker Hughes’ weekly report on Friday evening diluted the market’s festive mood with a negative. The number of active oil production platforms in the United States increased by 7 units over the week and reached 387, which indicates that oil production in the United States will continue to grow.
Today in the morning oil went down sharply: the Brent price is currently falling 1.3%, falling below $73 per barrel, and the WTI price is declining 1.4%, not holding on to $71. Our forecast for Brent today is $72.5-73.5 per barrel.