Petroleum prices continue to grow
Wednesday, 26 May, oil quotes grow the fourth trading session in a row, adding about 0.2%, and at the moment the price is almost completely recovered after a drop last week. On the one hand, price support ensure favorable perspectives to restore the demand for oil in leading economies of the world, because the progress of vaccination and restrictive appropriations. However, the limiting factor for the further growth of petroleum quotes is likely to remove American sanctions with Iran, which can lead to global oil supply, in accordance with various estimates, by 1-2 million b / p.
K 11:58 Moscow Time of Crafts Brent They grow on 0.20% and are in the amount of USD 68.63, and July WTI Oil Futures are sold in a plus of 0.12% for 66.15 USD.
An optimistic mood of market participants involves expectations of strong demand Petroleum in the coming months against the background of common vaccines against Coronavirus, reducing morbidity and mortality, which allows the authorities to lead countries to gradually weaken restrictive measures for population mobility.
It is also worth noting quite good data on dynamics of petroleum reserves in the United States. According to data from the American Institute of Oil, in the last week, the crude oil reserves in the country decreased by 0.439 million barrels before an increase of 0.62 million weeks earlier, which, but it turned out that it is worse than a consensus forecast in -1,279 million barrels. At the same time, gasoline reserves decreased by 2 million barrels and distillates – by 5.1 million barrels, which are evidence of the growing demand for oil products. At the same time, the removal of American sanctions with Iran is expected at the same time to stop the further growth of oil prices. Thanks to the positive results of negotiations on nuclear transactions, which are currently maintained in Vienna, Iran will be able to increase the production and export of oil, in accordance with various estimates, in the range of 1 to 2 million b / s, which is a significant value on the global market and It can affect the dynamics of oil prices. According to the statements of official representatives of Iran, the Iranian site is an optimist on the result of negotiations, but the controversial points are still preserved and still need to be overcome.
With reference to financial statistics on the oil market, today at 17:30 Magicities will publish official data on oil reserves in the United States from the EIA agency.
Brent Oil. The price of Breta oil still moves towards the upper limit of the 65-70 USD range. Stochastic lines are directed up, which speaks to grow quotes in a short period.
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