Thursday , June 1 2023

Oil prices end in the seventh consecutive week with a minus sign business


At the beginning of the session, London's Brent futures futures contracts fell by $ 0.56, or 0.89%, to $ 62.04 per barrel in January.

And for the futures contracts in January, WTI oil prices at the New York Commodity Exchange (NYMEX) dropped $ 1.28 or 2.34% to $ 53.35 a barrel.

On Thursday, Brent dropped $ 0.88, or 1.39%. On Thanksgiving, US stock exchanges closed Thursday, and WTI's oil futures ended Wednesday at $ 54.63 / barrel in the trading session on Wednesday.

Brent dropped 7% on Friday and the WTI price is 6.5%. With the minus sign, oil prices will be closed for the seventh consecutive week.

A sharp drop in oil prices is another example of "extreme volatility," Saxo Bank's chief strategist Ole Hansen.

"When dust drops, we think the market will conclude that the sale was too high – similarly decided to raise prices when oil prices at the beginning of October exceeded $ 80 a barrel," the expert said.

Recovery may be fueled by the Organization of Petroleum Exporting Countries (OPEC), which will take place on December 6, and the additional oil market will be supported by the oil refineries that buy this time.

If Brent will be able to return to $ 70 a barrel by the end of the year, this kind of oil can grow to $ 75 a barrel, O. Hansen.

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