It was worst week for Brent crude

It was the worst week for Brent crude

On Friday morning at the price of Brent crude held just above $ 111 a barrel. Yesterday’s price decline slowed dramatically shorten the report on the unemployment rate in the US and better-than-forecast employment NonFarmPayrolls report. By improving oil consumption forecasts now stabilized, but this week has shown the maximum decline since the beginning of January, because the market is a little worried about supply disruptions. Economic statistics that can affect the price dynamics oil, is not scheduled for today. The oil market also needs to take a break, because trading platforms in the US do not work today on the occasion of Independence Day.

According to analysts,
This week was the worst for the Brent.
At the time of writing
material futures Brent rose
0.04% to $ 111.07 per barrel, and futures
WTI fell by $ 0.08 to $ 103.96. During the week
Brent, probably will fall in price by another 2 percent,
and WTI – by 1.7 percent.

"Concerns about
supplies are falling, but prices are
at a high level at the expense of Iraq. improvement
Consumption forecasts combined with
fears for delivery. Under such conditions
sell only the brave", – he said,
vice president of consulting firm
IHS Energy Insight Victor Shum. In his opinion,
the price of the US benchmark should not
fall below $ 100 per barrel.

Now investors
closely following the negotiations on the
Iran’s nuclear program, as a result of
which can mitigate the sanctions (including
those relating to the Iranian exports
oil). As for Libya, earlier this
week the Prime Minister announced the end
oil crisis, during which
exports from the country almost stopped.

Victor Shum also noted,
that if not for Iraq, oil prices were
It would be much lower – by increasing
supplies from Libya and Iran.

Demand for oil should
grow – so say experts
estimating economic data
(Manufacturing activity in the US and
China and employment in the United States).

There are other mixed
news in the oil sector. For example, in
Iraq Government of the Autonomous Province
Kurdistan wants to sue the central
a government that does not recognize
the right to an independent Kurdistan
oil exports. And in Syria, Islamists
captured the country’s largest oil
field – and even though Syria is not included
one of the major oil producers
and not exported oil since 2011,
news could affect the nature
price changes on oil futures.

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