The rate of oil following the results of day has lost 1.3% and fell below $59

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The price of Brent crude on Wednesday 7 August were down on the previous closing 1.3 percent to 58.19 per barrel.
The market of “black gold” remains under pressure due to concerns about declining energy demand due to the U.S.-China trade conflict.
The decrease is constrained by the data of the American petroleum Institute (API), according to which, last week oil stocks in the US fell by 3.4 million barrels after a decrease by 6.02 million barrels a week earlier. Experts estimate the reduction at 2,845 million barrels.
Meanwhile, Baker Hughes, a GE Company (BHGE) estimated that the number of active rigs for oil and gas around the world in July increased by 17 units on a monthly basis (0.8 per cent) to 2238 units. In annual terms, the indicator fell by 13 units (0.6 percent). July brought a decline in the US for 14 pieces to 955, Canada – an increase of 7 pieces up to 121 Europe – an increase of 7 pieces to 200 pieces. In the middle East the figure rose by 11 to 424 units in the Asia-Pacific region decreased by 1 to 226, in Africa – on 5 pieces to 111 in Latin America increased by 12 units to 201.
The Euro against the dollar is stable around the level of 1.12 after a decline on Tuesday. The pressure on the European currency have data about the June decline in industrial production in Germany, by 1.5% on a monthly basis. Economists had forecast a decline of only 0.5 percent after may’s 0.1 percent increase. In annual terms, the indicator fell in June by 5.2%.
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Valery Polkhovsky,
Financial scout,
Forex Club