Oil depreciates after strong growth the day before

Oil depreciates after strong growth the day before

Oil depreciates after strong growth the day before

Prices for benchmark crude oil on Thursday fell after a steady rise in the previous trading.

The day before, the market was supported by data on a decrease in US oil reserves. On Thursday, investors await an online meeting of the OPEC + Monitoring Ministerial Committee (JMMC).

Commercial oil reserves in the United States last week decreased by 4.39 million barrels – to 496.04 million barrels, In addition, on Wednesday morning, Hurricane Sally reached the coast of Alabama. As of Wednesday, about 27.5% of oil production capacity in the Gulf of Mexico has been shut down, according to estimates by the US Bureau of Safety and Environmental Affairs, cited by MarketWatch.

The cost of November futures for Brent oil on the London ICE Futures exchange by 08:09 Moscow time on Thursday is $ 41.7 per barrel, which is $ 0.52 (1.23%) below the price at the close of the previous session. As a result of trading on Wednesday, these contracts rose by $ 1.69 (4.2%).

The price of WTI crude oil futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell by $ 0.57 (1.42%) – to $ 39.59 per barrel. On Wednesday, futures rose $ 1.88 (4.9%).

In the meantime, analysts expect that the meeting of the monitoring ministerial committee of OPEC + on Thursday will not lead to significant changes, and the meeting participants will focus on monitoring compliance with the deal to reduce production, writes S&P Global Platts.

According to AxiCorp analyst Stephen Innes, the meeting should not be expected “to bring the oil market out of the current downturn and push Brent back to $ 45 a barrel.”

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