Analytical Reviews

Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent crude oil rose to $73.50 per barrel


September, 05 2024
watermark Economic news

On Thursday, oil prices began to rise amid reports from the American Petroleum Institute (API) about a significant decrease in oil reserves in the United States. 


According to API estimates, inventories decreased by 7.4 million barrels last week, and if these data are confirmed by today's official report of the Ministry of Energy, this will be the largest reduction since June.


The price of November futures for Brent crude oil on the London ICE Futures exchange rose to $73.52 per barrel. Futures for WTI crude oil for October delivery reached $70.06 per barrel at NYMEX electronic trading. 


The sharp drop in oil prices at the beginning of the week is due to signs of weakening economic activity in the United States and China, as well as hopes for an early resumption of oil production and exports from Libya.


Despite reports that OPEC+ may delay the planned increase in production, this did not stop the fall in prices. Since the beginning of the week, Brent and WTI crude oil have lost more than 5% in price. According to analysts, the prospects for demand growth remain uncertain, and significant supply disruptions are not expected, which focuses the market's attention on OPEC+ actions.


It is also predicted that a technical correction may lead to a short-term price increase, however, without an extension of OPEC+ production restrictions, the market may lose confidence in the alliance's ability to keep oil at about $70 per barrel. In this case, the average price of Brent crude oil in 2025 may be about $60 per barrel.


コメントする

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.