Oil prices on Friday grew to a local maximum - $48.45 – during Asian session trading on Friday. This is a nine-day peak. With the handing of the baton to the European session, oil swooped back downwards. Throughout the first half of the day the commodities market was volatile and constantly changing direction. At the moment of writing this review, Brent costs $47.42 (-0.3%). WTI futures with October delivery are going for $42.57 (+0.05%). If Friday closes with quotes up, this week will be the first in eleven that we can say has seen a rise in oil prices.
A resumption of quotes, despite the rally, still doesn’t look very likely since it is based solely on the US Q2 GDP report. Nevertheless, market oil supply still triples that of demand.
Brent will close Friday $46.90-$47.75.