– Oil prices reference marks are in the Asian session on Friday to change slowly and in different directions, but at the end of the week, month and quarter is expected to significantly increase.
The quotation of November futures for Brent crude on the London ICE Futures exchange to 8:00 Moscow time increased by 17 cents (0,30%) to $57,58 per barrel. Bidding for this contract close on Friday, more active December futures rose 0.1% to $57,21 per barrel.
Oil WTI with delivery in November in electronic trading on the new York Mercantile exchange (NYMEX) fell by $0,06 (0,12%) to $51,50 per barrel.
On Thursday, Brent crude fell $0.49 (0.9 percent), to $57,41 per barrel, WTI – at $0,58 (1.1 percent), to $51,62 per barrel. Investors tried to take profits after the rise in prices to multi-month highs earlier this week.
Since last Friday, the nearest WTI contract added 1.7%, Brent at 1.3%. Prices are rising, respectively the fourth and fifth week in a row.
The increase in the spread between Brent and WTI, which in the beginning of the week reached $7 per barrel, has increased the interest of foreign investors in the us oil contracts, writes MarketWatch.
According to analysts of Commerzbank, “the growth of oil production in the United States finally slowed down,” that provides support to the oil market in General. Experts expect a further increase in the price of WTI towards $60 per barrel if be broken a key resistance level this year – $54 per barrel.