The crude oil prices started this week with a strong growth; however, the market is so oversold that it is not likely to anticipate a continuous drop, as evidenced by the trading data, Interfax-Ukraine reports.
Based on results of the former five sessions, Brent and WTI dropped by 4.9% and 6.2% respectively.
The weekly drop was the sixth in a row, which has not been observed since 2015.
January futures for Brent oil at ICE Futures increased by 0.55 dollars (0.82%) at 08:07, November 19 – up to 67.31 dollar per barrel.
The contract for WTI oil with delivery in December at NYMEX electronic trading increased by 0.68 dollars (1.20%) – up to 57.14 dollars per barrel.
Last Friday, the futures quote for Brent increased by 14 cents (0.2%), up to 66.76 dollars per barrel, while WTI virtually did not change in price, remaining at 56.46 dollars per barrel.
Last Friday, the renewal of oil export from Kirkuk province had the restraining influence on the oil market, the analyst of Price Futures Groups Phil Flynn noted.
In total, the investors still fear the excess of oil supply on the global market with some demand growth weakening.
Nevertheless, some analysts consider that oil prices already passed the lowest drop point and will return to trading within the comparatively narrow range after renewal.
