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Oil prices are stable, growth is constrained by data from China and the U.S.



Oil prices are stable in the evening trading on Monday.



14.Aug.17 1:28 PM
By Daria Zaytseva
Photo Toinnov.com

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Oil prices are stable, growth is constrained by data from China and the U.S.

The decline in the refining capacity in China, multiplied by the forecasts for the growth of shale production in the U.S., restrains the further rise of the market.

By 16.38 GMT, futures for Brent crude fell 0.08 % to $ 52.06 per barrel.

Futures for U.S. crude WTI by this time traded at $ 48.84 per barrel, 0.04 % higher than the previous closing.

Refineries in China in July increased the volume of processing by 0.4 % in the annual comparison to 45.5 million tons, or about 10.72 million bpd, according to the National Bureau of Statistics.

According to Reuters, this figure is the lowest in the daily expression since September 2016. Analysts add that the decline in the volume of processing has surpassed the forecasts, increasing fears that an overabundance of petroleum products in China could weaken its demand for raw materials.

Among other pressure factors, investors call the growth of drilling activity in the U.S.

The number of drilling rigs in the U.S. rose during the week ending August 11, by 3 pieces to 768 against 396 in the same period last year, according to data from the oilfield service company Baker Hughes. Nevertheless, the rates of their growth in recent months have decreased against the background of cheaper oil.

At the same time, the growth of net long positions on contracts for the North Sea oil marker Brent on the ICE exchange indicates that the market is again dominated by "bullish" sentiment, and hedge funds talk about real signs of balancing global supply and demand.




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