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Brent to Be $64-66 a Barrel Until Week’s End

Oil quotes are falling Wednesday morning. Brent crude costs $64.98, whilst WTI with July delivery was trading at $60.59 per barrel. At Tuesday’s close, North Sea oil on July contracts was trading at $65.32 a barrel and the price of light crude was $60.99 per barrel.

Today’s quotes are falling because of negative statistics. According to data from the American institute of oil, reserves in the US have increased by 1.8 million barrels against an expected fall of 2.4 million. At some point today the Energy Information Agency will release its data. If the numbers are the same, the falling price of oil will hasten further downwards.

Before OPEC convene, its member states are continuing their planned meetings with representatives from oil companies and producer states from outside the organization. Today, OPEC representatives will meet with the CEO of Exxon Mobil, Rex Tillerson, who, like other American oil businessmen, is interested in seeing the price of oil increase.

To the end of the week Brent will trade in the corridor of $64-66 a barrel, whilst WTI will won’t exceed $61.8

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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