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Brent rose to $ 43.08 per barrel pending OPEC + decisions
By 8:15 Moscow time, September Brent futures rose in price on the London ICE Futures exchange by $ 0.17 (0.4%), to $ 43.08 per barrel. On Tuesday, Brent rose $ 0.18 (0.4%), to $ 42.9 per barrel.
August futures for WTI by this time rose in price on the New York Mercantile Exchange (NYMEX) by $ 0.18 (0.45%), to $ 40.47 per barrel. Over the previous session, the counter contract went up by $ 0.19 (0.5%), to $ 40.29 per barrel.
On Tuesday, OPEC reported in a monthly report that the forecast for oil demand in 2020 was increased by 100,000 barrels per day - up to 90.7 million bpd, which means a decrease of 8.9 million bpd compared to 2019. According to the cartel, the demand for oil in 2021 will increase to 97.7 million bps.
Since August, OPEC + countries have been preparing to move to the second stage of the deal, which means a partial restoration of oil production, a source familiar with the situation told Interfax. The deal, concluded in April, suggests that in August, the reduction will amount to 7.7 million bps.
"Despite the prevalence of expectations that the cartel will ease production restrictions next month, prices remain stable on the news that the block wants to achieve an additional reduction of production by 842 thousand bpd in August and September from the lagging members - Iraq, Nigeria and Kazakhstan, "said OCBC analysts quoted by S&P Global Platts.
According to the American Petroleum Institute (API), US oil reserves fell 8.3 million barrels in the week ending July 10. Gasoline inventories decreased by 3.6 million barrels, distillates - increased by 3 million barrels. Oil reserves at the Cushing terminal increased by 548,000 barrels.
Experts surveyed by S&P Global Platts, on average, expect statistics to show a decrease in oil reserves by 2.1 million barrels last week. According to their forecast, gasoline inventories decreased by 2 million barrels, distillates - increased by 1.1 million barrels.