Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent continues to grow steadily


January, 12 2023
watermark Economic news

The price of Brent increased to the level of $84.30 per barrel, continuing to follow the dynamics of yesterday. The main driver of growth is optimism about fuel demand in China. 


Yesterday, Brent quotes were located at $79.30, and today they managed to update the ten–day maximum. North American WTI oil shows similar dynamics: during the day, the value of the asset increased from $74.40 to $78.90 per barrel. 


The prices were supported by the fact that Chinese companies are actively buying oil before the long holidays on the occasion of the Chinese New Year according to the Lunar calendar, which this year will fall at the end of January. In addition, concerns about the price ceiling for Russian oil products, as well as the weakening of the US dollar, contribute to the growth.


On the other hand, oil may come under pressure after the release of statistics on energy reserves in the United States. According to yesterday's report from the Ministry of Energy of the country, commercial oil reserves increased by 18.96 million barrels last week. Which was the third-largest weekly increase in oil reserves in the entire history of observations since 1982. 


Analysts predicted a decrease in inventories by 2 million barrels. Experts note that such a sharp increase in reserves is probably due to a temporary reduction in production by American refineries at the end of last month due to frosts.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.