Oil is cheaper, but kancevica continue to download
In the last trading day of the week, month, quarter and year, Brent crude traded a relatively stable and settled around 53 dollars per barrel, although at the moment have gone below $ 52. Oil fell for 11 of the last 12 weeks, finishing the year close to 1.5-year lows.
Despite the widespread drop in prices, shale companies in the US are in no hurry to slow down due to lower production costs through the development of technologies of drilling and production.
Thus, according to the energy Ministry, last week crude oil production in the States increased by 100 thousand barrels and thus was returned to the record historical high of 11.7 million barrels per day.
Oil stocks, meanwhile, dropped by 46 thousand barrels, once on 9 million higher than at the same time a year earlier, and the average 5-year value volume exceeded nearly 30 million barrels. What’s more, gasoline stocks jumped by 3 million barrels.
Drilling activity also continued to grow. According to Baker Hughes, the number of drilling increased by 2 units, up to 885 units. Recall that a week earlier the number of installations increased by 10 units. Thus, the number of drilling only 3 units are not held up to the high of 2018 at the level of 888 pieces.
The oil market, which is in the doldrums, virtually ignored the block bearish statistics from America because of the reluctance of players to make trading decisions on the last trading day of the year.
In the future, the black gold is likely to remain in line with the downward trend, which is reinforced by the prospects of weakening global demand and a further increase in activity in the United States.
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