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Oil preserves plus with the support of a raging storm in the US

Oil prices remain positive dynamics on Friday evening trades: possible interruptions in the extraction of raw materials on the American coast of the Gulf of Mexico were supported by quotes.

25.Aug.17 2:15 PM
By Daria Zaytseva


Oil preserves plus with the support of a raging storm in the US

By 17.35 GMT, futures for Brent crude oil climbed 0.71 percent to $ 52.41 per barrel.

Futures for American oil WTI by this time traded at $ 47.82 per barrel, 0.8 percent higher than the previous closing.

The storm that has raged in the US "Harvey" is gaining momentum and is expected to hit the coast of the Gulf of Mexico in full force by the end of Friday.

A number of companies, including Shell, Anadarko Petroleum and Exxon Mobil, have already taken measures to limit oil and gas production on some platforms. The refinery in the port of Corpus Christi, Texas, also suspended production.

Among the factors hampering the further rise of the market is the continuing surplus of raw materials, and the increase in oil production in the United States plays a significant role here.

Oil production in the US last week increased to 9.53 million barrels per day, according to the Energy Information Administration (EIA). This is the highest level since July 2015 and an increase of more than 13 percent since the middle of last year.

As a result, the discount on WTI relative to the North Sea blend Brent on Friday rose as much as two years to 4.69 per barrel, which makes American oil grades attractive.

As the data of the vessel tracking system in the Reuters terminal showed, oil exports from the USA to Asia exceeded a record 300,000 bpd in the first half of 2017.

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