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Oil prices remain stable on Friday evening trades

Oil prices are stable in Friday's evening trading after intraday attempts to grow.

18.Aug.17 12:24 PM
By Daria Zaytseva


Oil prices remain stable on Friday evening trades

The support for quotes has been signs of a gradual equalization of the balance of global supply and demand and a weakening of the dollar.

By 15.57 GMT, futures for Brent crude rose by 0.08 percent to $ 51.07 per barrel.

Futures for American oil WTI by this time traded at $ 47.19 per barrel, 0.21 percent higher than the previous closing.

On the market side, the decline in oil reserves in the U.S., which, according to data from the Energy Information Administration (EIA), fell by 8.9 million barrels to 466.49 million barrels per week by August 11, while analysts predicted a decrease of 3.06 million barrels.

In addition, backwooding in the North Sea market - when oil prices with immediate delivery are higher than quotations for futures contracts - inspires confidence that the world market is moving towards balance.

Other support factors include the expected growth in demand for raw materials in Asia, including in China and Vietnam, in the second half of this year.

"We expect that China will increase oil imports in the annual comparison by 700,000 barrels per day in the second half of 2017," FGE analysts said.

Traders said Vietnam's import of oil will reach a record level in August due to the expansion of refining capacity.

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