Crude oil ended lower for the seventh week in a row

Нефть WTI закончила в минусе седьмую неделю подряд

This week the main negative factors for the oil market became a significant growth of stocks of fuel in the US and a stronger dollar.

Oil reference marks are poorly cheaper in the course of trading on Friday, August 17, the price of WTI ends in the red seventh consecutive week, which was not observed for the last three years.

It is reported by Interfax on Friday, August 17.

The price of October futures for Brent on London’s ICE Futures exchange at 9:00 on Kiev decreased by $0,04 (0,06%) to $71,39 a barrel. On Thursday, the contract rose $0,67 (0,95%) to $71,43 per barrel.

The futures price for WTI in September in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time $0,01 (0,02%) to $overwhelming 65.45 a barrel. At the end of the previous session, the contract dropped in price by $0,45 (0.69 percent) to $65,46 per barrel.

WTI since the beginning of week has fallen in price on 3,2%, Brent by 1.2%.

This week the main negative factors for the oil market became a significant growth of stocks of fuel in the US and a stronger dollar.

Recall that oil reserves in the U.S. last week rose by 6.81 million barrels, the fastest rate since March of 2017. In addition, the reserves of oil at the terminal in Cushing where NYMEX-traded oil, increased 1.6 million barrels after declining for the previous 12 weeks.

However, the economic problems of Turkey, enhanced us sanctions, led to the fall of the national currency and weakened investor demand for assets in developing countries in General, which caused the strengthening of the dollar. A strong dollar reduces the investment appeal of commodities, including oil.

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