The oil market stabilized on Thursday

Oil prices stabilized on Thursday after a sharp drop on the eve of the US Department of Energy's announcement of less than expected reduction in oil reserves and unexpected growth in gasoline stocks in the US. The oil market is also under pressure due to the situation in foreign trade associated with the intentions of the US and China to introduce additional duties on the import of goods from both countries. Analyst at Global Risk Management, Michael Poulsen, said: “Fears that the worsening of the situation in trade could affect the oil market and pressures on prices, because the slowdown in growth of the two largest economies of the world will affect the demand for oil”. By 15:05 Moscow time on Thursday, October futures for Brent crude rose by 4 cents to 72 dollars 32 cents a barrel. The price of September futures for WTI oil fell 2 cents to 66 dollars 92 cents per barrel.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong