After yesterday’s rise in oil prices on Tuesday morning correctional decrease.
According to trading at 7.42 GMT, the September futures price for North sea petroleum mix of mark Brent fell by 0.42% to $42,92 per barrel. August futures for WTI crude oil dropped by 0.37% to $40,48 per barrel.
Monday, July 6, trades of oil closed on the rise. The price of Brent crude oil rose by 0.75%, to $43,04 per barrel. Oil market participants have focused on improving economic data in China and the United States, as well as the growth of stock indexes and the weakening of the dollar. They ignore the long-term consequences of the pandemic coronavirus, IAC analyst “Alpari” Vladislav Antonov.
According to him, the index of business activity in the US service sector, seasonally adjusted 47.9 in June, well above the 37.5 in may and higher than the preliminary figure of 46.7.
Major stock indexes in the U.S. rose from 1.4% to 2.3%. Indexes in Europe has increased from 1.5% to 1.8%. Support for the markets has had an increase in business activity in China. The Shanghai stock index rose by 5.7% and reached the maximum in five years.
oil Producer Saudi Arabia Aramco has raised the August official selling prices for its oil to Asia by $ 1 per barrel, and increased prices for almost all brands in Europe and the United States.
Tuesday 7 July at auction Asia the Brent oil costs $42,85. The price dropped by 0.43%. Buyers preparing to storm level $44,50. If they can pass for 2-3 days, then wait for growth of quotations up to $47,30. If the price will be traded under the level of $44,50, it will increase downside risks to $38,50 per barrel, he said.
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