The futures for oil – the week preview for 23-27 May
Last week the futures at the oil trading market were demonstrating the decline, but have closed the week with the growth on the background of rising warnings about the global supply failures. CFD1000 analysts warn that the conditions at the market are still weak due to the oversupply.
On Friday the spread between Brent and WTI was $0,31 per barrel. Last week the American oil reserves have unexpectedly increased by 1,31 mln barrel, reaching the level of 541,3 mln barrel. This week the market participants continue watching the global supplies in order to identify the changes of supply balance.
CFD1000 market analysis has prepared the list of significant events, which can influence the oil trading market. On Tuesday the API will publish its week report regarding the oil reserves in the USA.
On Wednesday the U.S. Department of Energy will publish its week report on the reserves of oil and petrol in the USA. On Friday Baker Hughes will publish the week data regarding the number of oil drilling rigs in the USA.
CFD1000 daily market analysis shows that today WTI with the supply in June has declined by 0,64% to $48,10 per barrel. Brent oil has decreased by 0,47%, reaching the level of $48,49 per barrel.