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Oil prices of reference marks on Wednesday, January 9, continue to grow steadily. Thus, the rise has been going on for the eighth session in a row, which has not happened since mid-2017.
February futures for Brent crude on the London Stock Exchange ICE Futures at 4:56 pm Kyiv time rose to 59.33 dollars per barrel. Earlier today, quotes have already exceeded 59.5 dollars.
WTI crude oil futures for January on the New York Mercantile Exchange (NYMEX) rose to 50.37 dollars per barrel. The maximum values of January 9 exceeded $ 50.5.
The market is influenced by plans to reduce oil production in the world. According to The Wall Street Journal, the largest oil producer, Saudi Arabia, plans to reduce exports to about 7.1 million barrels per day (b / s) by the end of January, which is 800 thousand b / d below the level of November. Fears that Saudi Arabia and other major oil producers will create an oversupply in the global market have become one of the reasons for the collapse in oil prices in the fourth quarter of last year.
In addition, the American Petroleum Institute (API) on Tuesday reported a decrease in crude inventories last week by 6.1 million barrels. The US Department of Energy will publish official data on reserves on January 9. Experts polled by S & P Global Platts forecast a decline of 1.4 million barrels.