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The rise in oil prices in Europe is suspended

Black gold needs an incentive.

28.Jul.17 12:15 AM
By Catherine Brooke


The rise in oil prices in Europe is suspended
The price of black gold again broke through the psychological mark. On Thursday morning, July 27, the price exceeded $ 50 per barrel, and on some exchanges, it traded above $ 51.

However, by the middle of the day, the oil showed the reverse dynamics. During the auctions on European stock exchanges, prices fell slightly. However, hydrocarbons managed to keep most of the positions won.

Analysts note that there is not enough incentive to further increase prices for energy resources of oil. Such an impetus may be the news of another decline in world oil reserves. The news may come as early as next Friday: Baker Hughes publishes a weekly report on the work of drilling rigs and the level of extraction of black gold.

At the same time, it is already known that US oil inventories fell more than expected last week. The сleared were released from 7.2 million barrels. Thus, the world oil reserves "melt" for the fourth week in a row and the fuel reserves are also exhausted. Despite this, gasoline prices have slightly decreased.

Since the beginning of this week, world oil prices have added more than six percent. This indicates that the OPEC + agreements on the reduction of production began to work.

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