Oil shortage pushes prices up

On Wednesday, March 10, the benchmark crude oil brand rose again, after falling the previous day: the price of Brent rose 1.3%, to $67.89 per barrel, and the price of WTI rose 1.3%, to $64.66 per barrel.

Data on the week’s record growth in commercial oil reserves in the United States (by 13.8 million barrels against expectations of growth of only 816,000 barrels), which six months ago could have lowered prices, had no impact on the market.

Probably more significant for the market was the statement by Russian Deputy Prime Minister Alexander Novak that there is a shortage of oil in the world market of 1-2 million barrels per day, the planned increase in the sale price of black gold from April 1 by Saudi Arabia and Iraq, as well as the approval by the US Congress of a package to stimulate the US economy of 1.9 trillion dollars.

This morning the rise in the oil market continues, the price of Brent is rising by another 0.27% and the price of WTI – by 0.36%. Today we forecast a price of $67.8-69 per barrel.

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