Monday, September 26, 2016

Price of Brent crude oil fell

The price of Brent crude oil fell below $ 40

The price of Brent crude oil for the first time since mid-March has gone below the important psychological mark of $ 40 per barrel. The decline is largely due to the publication of statistics on the growth of US reserves storages.

By 13:39 GMT, futures for oil of this brand traded near the mark of $ 39.76 and the price of West Texas benchmark WTI fell to $ 39.02 per barrel.

Yesterday Brent crude oil traded in the range of $ 40,52-41,59 per barrel and could not overcome the resistance of $ 41.80.

"Intraday volatility intensified: on the day Brent barrel fell by more than 4%," - said in the review of Sberbank CIB.

Last week, the US oil reserves rose by 9.4 million barrels to a record 532.5 million barrels, according to the Energy Information Administration, which almost coincided with the published data of the day before the American Petroleum Institute. The main causes of growth stocks have become increasing imports and seasonal reduction processing volumes.

Pressure on oil quotations also had a strengthening of the US dollar the fifth consecutive session. Yesterday the representative of the US Fed Dzheyms Bullard, has the right to vote in the Federal Open Market Committee, suggested that the regulator may increase the rate of this year more than is now provided a scatter plot of the central bank (twice). Comment Bullard helped the US currency to strengthen at the same time put pressure on commodity markets.

"Today, interest in risky assets is not observed, and the market may test the strength of the 100-day moving average at $ 39.49 per barrel", - says Dmitry Kolomytsyn and Iskander Lutsk, analysts Sberbank CIB.

According to Denis Davydov from Nordea Bank, the level of $ 38-42 for Brent are still relevant.

The focus of the attention of traders will be data on the number of drilling rigs Baker Hughes. Volume and trading activity today reduced in anticipation of the holidays in the West - Good Friday and Catholic Easter.

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