The oil market is experiencing multidirectional dynamics of quotations

Oil quotes demonstrate insignificant dynamics in different directions. As of 8:07 am Moscow time, the price of a barrel of Brent oil rose by 6 cents, or 0.05%, to $119.90. At the same time, the price of a barrel of WTI oil fell by 7 cents or 0.06% to $112.27. As a result of trading on the eve of these oil standards fell in price by 2.1% and 2.3% respectively. Since the beginning of this week, oil prices have risen by 9-10%. Rise in prices for raw materials occurred against the backdrop of rising concerns about the reduction of supply in the market due to growing tensions around Ukraine. Investors are concerned about a possible reduction in oil supplies from Russian oil producers. In addition, investors drew attention to the unexpectedly sharp decline in oil reserves in the United States. The Ministry of Energy of the country announced their reduction by the end of the week by 2 million 510 thousand barrels. Oil market experts assumed that reserves would decrease by only 750,000 barrels.

Source: xCritical.com