TeleTrade - Analytics

TeleTrade

518.25 6.50/10
57% of positive reviews
Real

04.07.2016 15:51 Oil price traded in a tight range today

04.07.2016 15:51

During today's trading oil fluctuated in a narrow range as market players monitor the supply disruptions around the world to find the instructions to change the balance in the oil market (accumulation).

Militant group "Avengers Niger Delta" has claimed responsibility for the five new attacks on Nigeria's oil industry facilities on the weekend, that negate all the efforts of the Government to ensure the ceasefire agreement.

Trading volumes are low, as US markets are closed for Independence Day.

Crude oil futures for Brent jumped last week $ 1.92, or 4.01%, showing the best weekly trend over the past month, amid concerns on oil demand and Brexit.

WTI rose last week $ 1.18, or 2.83%, showing the first weekly gain in three weeks.

Signs of a potential recovery of production levels inhibit the growth of prices. On Friday, oil services provider Baker Hughes said that the number of drilling rigs in the US increased by 11 to 341, noting a fourth weekly gain in the past five weeks.

Growing drilling activity in the US has increased speculation that production may increase in the coming weeks, renewing concerns about excess inventories.

The cost of the August futures for US light crude oil WTI fell to 48.74 dollars per barrel.

 

September futures price for North Sea petroleum Brent fell to 50.03 dollars a barrel on the London Stock Exchange ICE Futures Europe.

 

 


To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree