The rate of oil approaching the$ 60
The price of Brent crude oil increased relative to the previous close of 1.8% to 59,31 dollars per barrel.
The market of “black gold” will be adjusted up after you refresh the lows from early August. Support comes from the expectations for the weekly data by the American petroleum Institute (API) and the US Department of energy on the dynamics of fuel reserves in the country. Due to a holiday on Monday they will be released a day later.
Experts predict a decrease by 2.6 million barrels, after falling a week earlier to 10 million barrels. If expectations are confirmed, this will be the third consecutive week of decline in inventory and lower the risk of local excess supply of hydrocarbons in the world market.
Positive data on business activity in China also supported the oil quotes. News Agency Caixin evaluated the August PMI growth in the services sector of the country in 0.5 points to 52.1 points. Economists had expected the index to only 51.7 points.
Meanwhile, the “Iranian issue” as a factor in pricing oil futures, remains relevant. Deputy foreign Minister of Iran Abbas Araqchi said that the return of the Islamic Republic to the implementation of the nuclear deal depends on giving Iran credit line of 15 billion dollars in four months. The money should be prepaid for oil. In principle, Europe could, despite the us sanctions, and as promised, just start buying oil from Iran and does not provide the equivalent in the form of a credit line of 15 billion dollars up to the end of the year.
While Thursday may be a third phase of reducing Tehran’s obligations under the nuclear deal. In the second phase Iran has brought the level of uranium enrichment to 4.5%. The nuclear deal defined the limit to 3.67% for this indicator.
The Euro rises against the dollar, rebounding from the lows in may 2017 in the area of 1,093 USD. Pressure on the American currency in the main currency pair come from weak data on business activity index in industry in the USA (ISM Manufacturing), which in August was at a minimum from 2016, and suddenly – below the key level of 50 points.
In addition, a reduced risk of Brexit, without agreement with the EU also supports the European currency. British parliamentarians on Tuesday supported the change agenda of the Parliament that opened the way for consideration Wednesday of a bill to change the term Brexit on October 31st at a later date. This bill was introduced on 2 September by a group of deputies from different parties.
To 15.57 GMT the Euro exchange rate increased from the start of trading on the last fixing by 0.4% to 1,1016 dollar.