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Oil prices are stable, growth is constrained by the continuing excess supply

Oil prices are stable on Thursday morning after a powerful rally the day before: the restraining factor is the continuing surplus supply of raw materials.

20.Jul.17 6:51 AM
By Daria Zaytseva


Oil prices are stable, growth is constrained by the continuing excess supply

By 8.50 GMT, futures for Brent crude fell 0.10 percent to $ 49.65 per barrel.

Futures for American oil WTI by this time traded at $ 47.10 per barrel, 0.04 percent lower than the previous closing.

Quotations still canít break through a critically important mark of $ 50 per barrel - the main pressure factor is the excess supply on the world oil market, which continues despite the global pact to limit production.

The OPEC oil cartel and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day to restore the balance of world supply and demand.

On 24 July in St. Petersburg a meeting will take place, at which some participants of the agreement will discuss its implementation.

During the previous session, the market was supported by a significant reduction in U.S. stocks of raw materials.

Nevertheless, according to traders, they are still high and today exceed the mark of 490 million barrels.

In favor of oil, according to analysts, geopolitical tensions could increase, including the possible introduction of U.S. sanctions against Venezuela and the escalation of the conflict in the Middle East and North Africa.

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