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The price of crude oil slightly rises on Thursday against the background of the unexpected report from the United States Department of Energy, which reflected an increase in the level of oil reserves in the country. This somehow makes up from it's fall on the previous day.
At the moment, the market's attention is occupied by news about the worsening weather conditions in the Gulf of Mexico. This forced oil production stations to temporarily suspend work disabling about 80% of the region's capacity. According to weather forecasts, the peak of the hurricane is expected on Friday, which means that the cessation of production may occur at the remaining installations.
According to the report of the US Department of Energy, the level of black gold reserves in the state increased for the first time in the last four weeks. Thus, the volume of raw materials increased by 500,000 barrels. The level of gasoline reserves, in contrast, decreased by 1.4 million barrels, and distillates decreased by 1 million barrels. Again, the actual data did not match the initial estimates of analysts which expected that gasoline stocks would decline by 800,000 barrels, and distillates by 2.9 million barrels.
The price of futures contracts for Brent crude oil for delivery in December on the trading floor in London slightly went up by 0.21% or $ 0.09, which left the current level at $ 42.08 per barrel. Wednesday's trading session reflected a fairly significant reduction by 1.6% or $ 0.66 per barrel, which sent the price mark at $ 41.99 per barrel.
The price of futures contracts for WTI light crude oil for delivery in November on the electronic trading platform in New York also rose 0.05% or $ 0.02, sending the price at $ 39.97 per barrel. Wednesday's trading ended with a declined of 1.8% or $ 0.72, which left the price at $ 39.95 per barrel.
Thursday's oil price dynamics cannot be considered significant, however, the positive trend is already making investors hope for the best. The decline of the greenback brought support to the raw materials, which occurred after Trump appealed to Congress to quickly sign all the necessary documents for the ratification of payments to support small businesses in the face of the growing threat of the second wave of the coronavirus pandemic ... The total amount of payments should be 250 billion dollars. Among other things, this bill approves the payment of unemployment benefits. And American citizens will have access to a one-time allowance of $ 1,200 per individual. Of course, on the day of the elections, this package of measures could be crucial in the race for the presidency.
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