Oil prices principal reference varieties continued to trade near seven-month highs as market participants expect data on stocks from the U.S. and OPEC meeting.
According Liberex, futures contracts on the European Brent crude oil with a term expiration in July on the ICE futures exchange in London on Friday 27 may at 11.00 Moscow time decreased by 0.9% to 49.89. At the same time the us benchmark WTI became cheaper by 0.5% and remained at the level 49,31.
The energy information Agency of the United States in the latest report for the week ended may 20, recorded a fall in US inventories by 4.2 million barrels to 537.1 million. given the fact that now the country is entering the peak of the holiday season, you can expect a report this Thursday will also adopt mitigation . Accordingly, prices may get support.
OPEC will meet in Vienna on June 2, but on its results is not expected any breakthroughs. It should be noted that market participants do not expect anything from this summit. Significant impact on the dynamics of prices, the results likely will not have.
Prices are now narodetskii psychologically important level of 50 dollars per barrel, the justification of which is constantly questioned by different experts. However, it is worth noting one important point. If a week ago, trading activity at the level of 50 dollars per barrel was very low, but now the volume approaching an average for the corresponding time of day. Accordingly, it is possible to say that the market gradually adjusts to 50 dollars per barrel.
If data on stocks from the United States once again record a substantial decline, we can get a good reason to grow and grow to the level of $ 53 per barrel. In any case, the current news background reasons to expect a decline not a lot, and in the event of a fall in the area of $ 48-49 per barrel, the contracts will be cheap enough and look interesting for long positions.