The price of Brent crude for the first time since may exceeded $ 80
The price of Brent crude for the first time since may exceeded 80, although immediately retreated and showed a slight intraday gain at the end of trading. The quotes said fourth day of lifting in a row. On Thursday morning, the asset develops a correction in terms of profit taking, trading slightly above level 79.
This week, the market of black gold receives support from the weather conditions. In particular, warnings about hurricane Florence made the players more actively to buy up contracts on fears of damage to the facilities branch of the infrastructure. Traditionally, such factors act on prices aggressive, but then the setbacks are not less stringent.
Meanwhile, energy Ministry data USA has reflected the reduction in crude oil inventories last week by 5.3 million barrels, which is below the rating API, but almost twice as many predictions. Moreover, production has decreased by 100 thousand barrels per day. But inventories of gasoline and distillates rose again, brushing a few of the overall picture.
However, the main driver of the pullback was more technical factor as a clear and decisive break of the 80 level on the first attempt would be inappropriate and unjustified in the current circumstances, as are present now on the market positive signs are not enough.
Today, the market of black gold will continue to follow closely the flow of news from the meeting of energy Ministers from Russia, Saudi Arabia and the United States. On that front, can go negative for the stock signals, if the States would insist on the necessity of reduction of prices due to the high cost of gasoline, which is quite inappropriate before the November congressional elections.
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