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Review: oil remains at about 1.5 months in waiting Barry

Forex Club 12.07.2019 at 14:39

The Price of oil (September futures Brent crude) on Friday 12 July to 17.15 MSK increased relative to the previous close of 0.6 per cent to 66.93 per barrel.

the Market of "black gold" continued to trade in positive territory, staying near the highest level since the end of may.

the Risk of a storm in the Gulf of Mexico leads to a reduction in oil production in the region. So, the Bureau of safety and environmental control of the United States (Bureau of Safety and Environmental Enforcement, BSEE) recorded a fall of oil production in the Gulf of Mexico, USA 53.4%. Tropical storm "Barry" may come into the Gulf on Saturday.

In these circumstances, the upward trend of oil prices persists and let one of the traders Forex Club earn per day more than 4 thousand dollars in long positions in futures on the mark Brent.

meanwhile, the International energy Agency (IEA) kept its forecast for growth in global demand for oil. In 2019 the figure will rise to 1.2 million barrels per day to 100,3 million barrels per day. In 2020, respectively by 1.4 million barrels per day to 101.7 million barrels, the IEA estimated.

the Agency believes that the possible oversaturation of the market in 2020 due to the growth of production in countries outside OPEC, especially in the United States,

the IEA also estimated that OPEC countries were performed in June OPEC agreement regarding the reduction of oil production by 128%. Production was reduced by 90 thousand barrels per day to 29.9 million barrels a day. While OPEC I OPEC observed agreement of 98%, counted by the IEA.

Commercial stocks of oil and oil products in OECD countries in may rose by 22.8 million barrels to 2,906 billion barrels, once by 6.7 million barrels above the five-year average, estimated by the IEA. The current purpose of the agreement OPEC+ to reach the specified five-year average level.

the Rate of the Euro versus the dollar remains stable at around 1,125. Support for the Euro comes from the data about growth of industrial production in the Eurozone in may, 0.9% in December, the increase was only 0.2%. In annual terms, the indicator fell by 0.5% in December, a decline of 1.6%.

By 1713 GMT, the European currency rose from the start of trading on the last fixing by 0.03% to 1,1248 dollar.

Market, USA, dollar, oil, ruble, Forex club

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