Photo: ships.lv Hurricane Dorian threat to oil production in the Gulf of Mexico
Brent crude in London traded at $60,52 per barrel, and WTI in new York costs $56,73.
World oil prices reference marks grow moderately on the back of news regarding the development of foreign trade relations between the US and China, as well as the threat of a new hurricane. This according to the auction on Thursday evening, August 29.
So, as of 22:10 in Kiev, October futures for Brent on London’s ICE Futures exchange rose $0,59 (0,98%) to $60,52 per barrel.
The cost of the futures on WTI for October on the electronic session on the new York Mercantile exchange (NYMEX) rose by $0,95 (1,70%) – to $56,73 per barrel.
Thus, the spread between the current contracts for Brent and WTI is $3,79 in favor of Brent.
According to Prime, returned to the market risk investor sentiment after news from China. Of Commerce of China noted that the US and China should create conditions for progress in trade negotiations. According to him, there are ongoing discussions on resolving trade issues and also discussed the issue of holding the next round of trade negotiations in September.
The growth of demand for raw materials also supports the warning of the hurricane Dorian approaching Florida. According to the American President Donald trump, he can become one of the largest in U.S. history. The movement of the hurricane is dangerous for oil production in the Gulf of Mexico.
As investors continue to react to statistical data published by the US Department of energy and American petroleum Institute (API). Commercial oil stocks in the country for a week unexpectedly fell by 10 million barrels – up to 427,8 million barrels.
The price of oil exceeded $ 60. The cost of “black gold” grew on the background of sharp reduction of stocks in the U.S., but the growth was limited by tension due to the trade dispute between Washington and Beijing.
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