The price of oil (October futures of Brent) on Friday, August 9 increased relative to the previous close of 2.9% to 59,03 per barrel. The market of “black gold” continues slowly adjusted and stretches up towards the psychologically important level of 60 dollars per barrel. This is reported by analysts Forex Club.
Support comes from the International energy Agency (IEA) of the agreement OPEC+. In July, its participating countries exceeded the standards on the reduction of oil production by 34%. Their total production last month declined by June 200 thousand barrels per day to 43.85 million barrels. However, Saudi Arabia in July lowered its production by 120 thousand barrels per day to 9.65 million barrels. This helped the OPEC countries to reduce production by 190 thousand barrels per day to 29,71 mln.barrels.
“Meanwhile, the OPEC goal+ intending the return of commercial stocks of oil and oil products in OECD countries to the average for the last five years has not been achieved. In June this indicator increased by 31.8 million barrels to 2,961 billion barrels, which 66.9 million barrels above the average value. The Saudis are interested in stabilizing the oil market and growth of its price, not only because of cost factors, but in preparation for the IPO of Saudi Aramco,” said Valery Polkhovsky, financial scout Forex Club.