Oil prices follow different trends

Posted 29 August, 2019

Oil benchmarks show different trends on Thursday, following yesterday's leap on lower oil reserves reports by the US Energy Department.

According to the market data, October futures for Brent oil are priced on London ICE Futures at $59.92/bbl, which is 0.05% down. October WTI futures improved on NYMEX to $56.20/bbl.

In the middle of the week, the US Energy Department reported a decline in the country's oil reserves of 10 million bbl touching the bottom of October 2018. At the same time, market analysts expected a decrease of 4.7 million bbl.

The US oil production rose by 200,000/bbl per day to 12.5 million bbl per day over the past week. As a result, it was the major upturn since 1983.

Extra support comes from the official statement of China's Ministry of Commerce said that China would not respond on Washington's announcement about new duty increase announced last week.

According to the official, China has a wide range of options for countermeasures, though the urgent issue is to discuss the lifting of new duties as a way to prevent conflict escalation.

One of the market analysts commented that the market does not need strong reasons to slacken given a quite fragile price strengthening. He also added that reports about the US-China trade conflict can be enough to drop the market.
 

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