OIL RISES IN PRICE ON SIGNS OF SLOWING COVID-19 PANDEMIC IN THE USA

Posted 11 August, 2020

World oil prices rose on Tuesday afternoon amid signs of a slowdown in the spread of the coronavirus in the USA, trading data show.

 

As of 13.06 Moscow time, the price of October futures for the North Sea oil mixture of Brent rose by 0.87% - to $ 45.38 per barrel. September futures for WTI rose 1.22% to $ 42.45 per barrel.

 

The coronavirus problem remains in the spotlight of investors, as the increase in the number of cases could jeopardize the beginning of a recovery in demand. Against this backdrop of optimism, bidders were added by the news that in the United States, the number of people infected with COVID-19 fell below 50 thousand for the first time in a month.

 

In addition, the market is supported by expectations of a recovery in the US economy, the world's largest consumer of oil, and a related package of new measures.

 

"The outcome of the deal on the support package is not a foregone conclusion, but if a mutually acceptable agreement is reached, the prices of shares and oil will receive a short-term increase. The dollar must be closely watched," PVM oil broker Tamas Varga commented to Bloomberg.

 

Analysts are now awaiting data from the Ministry of Energy on US oil inventories, which will be published on Wednesday, predicting another reduction. In the coming days, monthly reports by OPEC and IEA will also be published, in which market participants expect to see data indicating the state of supply and demand in the oil market.

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