Oil prices fall and end the week in the red, Brent - $108.84 per barrel
18:44 01.07.2022 10415
Oil prices fall on Friday, ending the week with a decline amid fresh signals that the US economy is slowing down and demand for energy resources may decline, Interfax reports.
Statistical data, published the day before, showed a decrease in the growth rate of US household spending in May to the lowest since the beginning of the year 0.2% from 0.6% in April. Consumer spending accounts for 70% of US GDP, and the statistics were taken by the markets as a negative economic signal.
«Obviously, the direction of oil prices at the moment is determined by macroeconomic news,» said Warren Patterson, an analyst at ING Groep NV in Singapore, quoted by Bloomberg. «However, the supply situation in the market remains tight, and this will keep prices down».
The cost of September futures for Brent oil on the London ICE Futures exchange by 08:15 Moscow time on Friday was $108.84 per barrel, which is $0.19 (0.17%) lower than the closing price of the previous session. As a result of trading on Thursday, these contracts fell by $3.42 (3%) to $109.03 per barrel.
The price of futures for WTI oil for August in the electronic trading of the New York Mercantile Exchange (NYMEX) by this time amounted to $105.39 per barrel, which is $0.37 (0.35%) lower than the final value of the previous session. By the close of the market on Thursday, the value of these contracts fell by $4.02 (3.7%) to $105.76 per barrel.
In June, the cost of Brent decreased by 6.5%, but rose by 6% in the second quarter. WTI fell 7.8% on the month and rose 5.5% on the quarter, according to Dow Jones Market Data. During the first half of the year, Brent has risen in price by 48%, WTI – by 41%.
The ministers of the OPEC+ states, following a meeting on Thursday, decided to confirm the previously planned plan to increase oil production quotas by 648,000 barrels per day in August. U.S. President Joe Biden will travel to the Middle East later this month to discuss with Saudi Arabia and the United Arab Emirates how to increase production more aggressively.
Liquefied gas and jet fuel were sold abroad at the auctions, and polypropylene and base oil were sold to the domestic market
27 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan last week.
The President of Turkmenistan and the Vice President of the UAE noted the active dynamics of cooperation in the energy, oil and gas and other spheres
The development of bilateral cooperation was discussed at a meeting on February 21 between the President of Turkmenistan Serdar Berdimuhamedov and the Vice President, Deputy Prime Minister, Minister of the Presidential Administration of the United Arab Emirates Sheikh Mansour bin Zayed Al Nahyan, who arrived in our country on a visit, TDH reports.
The work of the Interdepartmental Commission on the Caspian Sea was discussed at the Ministry of Foreign Affairs of Turkmenistan
The 63rd meeting of the Interdepartmental Commission of Turkmenistan on the Caspian Sea was held at the Ministry of Foreign Affairs on February 23. The meeting was attended by the relevant Vice-Chairmen of the Cabinet of Ministers of the country, the Director of the Caspian Sea Institute, heads of a number of ministries and specialized departments.
Products of oil refineries were sold at the auction
Last week, 35 transactions were registered at the auctions of the State Commodity and Raw Materials Exchange of Turkmenistan.
Turkmenistan started exporting gasoline A-98 of EURO-5 and EURO-6 standards
Turkmenistan has started exporting A-98 gasoline of EURO-5 and EURO-6 standards, the first batches were sold to entrepreneurs from the United Arab Emirates and Afghanistan.