Oil prices have shown a minimum of 2 months – News Economy

Print Crude oil prices in early Asian trading on July 12 played a few fall, but still remained at a minimal level for 2 months against the backdrop of increasing the number in the US and growth in production volumes of drilling platforms. These data confirmed the assumption that the oversupply in the market will be delayed for a longer period than previously thought. on the New York Mercantile Exchange WTI oil prices varieties for August delivery rose 0.83% to reach $ 44.72 a barrel. September futures for Brent crude on London’s ICE Futures exchange gained 1.08% in value, reaching $ 46.25 per barrel.

Despite the small price increase, oil prices were lower by more than 3% compared to the previous week .

Experts ANZ Research said that oil quotes are in a period of weakness, as investors remain concerned about the increase in the activity of the oil sector.

Friday’s data Baker Hughes drilling installations in the United States have shown, that their number has increased by 10 units in the country. to 351, and an increase in drilling can talk about the subsequent building of hydrocarbons.

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are felt and armed conflict, although amid continuing clashes Nigeria and Libya, both countries have managed to increase production. In June, Nigeria has increased production to 1.57 million barrels per day, despite numerous attacks on the oil infrastructure of the country’s anti-government rebels. In Libya, the production volume rose to 310 th. Barrels per day in June, although the maximum production in the country could reach 1.6 million barrels per day.

All this, combined with the increase in OPEC production levels to 2.7 million (32.7 million instead of 30 million installed) barrels per day of a negative impact on oil quotes.

The participants of the oil industry is looking wait for a weekly report on US oil and petroleum products, China’s monthly data and the monthly report of the International energy agency (IEA). Moreover, all three reports will be released on Wednesday, July 13

Analysts predicted that crude oil inventories in the US for the week that ended on July 8 declined by 3.25 million barrels, while gasoline inventories also decreased -. On 125 th. barrels.