2024-05-13 09:07:46
Oil prices are growing slightly on Friday morning, but end the week with a significant decline.
Pressure on the market this week was exerted by data on a sharp increase in oil inventories in the United States. In addition, the geopolitical risk premium is gradually fading due to hopes for a truce between Israel and Hamas.
As Day.Az reports with reference to Interfax, July Brent futures rose in price on the London ICE Futures exchange by $0.19 (0.23%) to $83.86 per barrel. On Thursday, Brent rose $0.23 (0.3%) to $83.67 per barrel.
By this time, June futures for WTI had risen in price in electronic trading on the New York Mercantile Exchange NYMEX by $0.17 (0.22%) to $79.12 per barrel. During the previous session, the contract fell in price by $0.05 (0.1%), to $78.95 per barrel.
Since the beginning of this week, Brent has fallen in price by 4.9%, WTI – by 5.6%.
The fall in the oil market increases the expectations of experts that OPEC+ countries will continue to limit production. Most traders and analysts surveyed by Bloomberg expect that alliance countries adhering to voluntary production restrictions will extend existing measures until the end of this year.
“Traders have taken a wait-and-see approach and the market has stabilized,” Velandera Energy Partners managing director Manish Raj told MarketWatch. According to him, with the price of WTI below $80 per barrel, OPEC has every reason to extend the current restrictions on oil production.
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