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Anya Martynyuk July 25, 2018, 07:01
Brent crude oil and the US WTI have seen a sharp rise. According to trades, the price increases were respectively 38 and 63 cents. Analysts predict that the situation in the oil market is currently contributing to higher prices.
According to the Ukrainian Press
Crude oil futures immediately rose to 38 cents, reaching a value of $ 73.44 per barrel Earlier, the benchmark oil reached the level of $ 74 on barrel, but dropped.
West Texas Intermediate (WTI) oil futures rose 63 cents, or nearly 1%, to $ 68.52 per barrel. Previously, WTI had closed the call for bids at $ 69.05 a barrel
Prices responded to growth by anticipating increased demand in the Chinese market. Reports that China will increase infrastructure costs has helped reduce fears that trade tensions between the United States and China will reduce oil demand in the country. That's what Phil Flynn, an analyst at Price Futures in Chicago
said, "In the past, when China was spending on infrastructure, the demand for oil was increasing, and now we're waiting for the same thing. It will be additional external support for commodity prices, "he said.
The analyst Jam MacGilian of Tradition Energy said that the situation on the oil market was stabilizing. According to him, the balance between demand and supply will, however, if Russia and Saudi Arabia will not increase production. In addition, oil prices supported a decline in US oil reserves of 3.2 million barrels.
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