Friday, August 10, 2018

OIL mildly decrease

OIL mildly decrease

US crude oil futures traded near a six-month low, while in London Brent futures traded near four-month low on fears that sanctions against Russia will lower the pace of global economic recovery.

In response to Western sanctions imposed in connection with support for rebels in Ukraine, Moscow on Wednesday said it would ban the import of certain goods from the United States and Europe.

Investors fear that the crisis in Ukraine will affect the economy of Germany, the first largest in Europe.

"We are seeing a lack of interest in raw materials due to the Ukrainian conflict", - said Mark Keenan of Societe Generale. "Now more and more concerned about the long-term supply disruption".

Stocks of raw materials in the US last week fell slightly more than analysts expected, while oil exports from the United States jumped in June to the highest level since 1950, said the Office of the US Energy Information.

Prices for US and global brand oil fell by almost $ 10 a barrel since mid-June, when they reached a 9-month high amid fears that the unrest in Iraq will lead to a disruption of production.

World instability has not abated since then, given the tensions in Iraq, Libya, Ukraine and in other regions, but traders have closed long positions in crude oil futures, as the volume of oil reserves in the world is significant.

The cost of the September futures on US light crude oil WTI (Light Sweet Crude Oil) fell to $ 96.55 a barrel on the New York Mercantile Exchange (NYMEX).

September futures price for North Sea petroleum mix of mark Brent rose 3 cents to $ 104.62 a barrel on the London Stock Exchange ICE Futures Europe.



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