Benchmark oil prices continued to rise on Tuesday after Saudi Aramco chief Amin Nasser announced that demand was recovering in some markets. In addition, investors continue to monitor the adoption of a new package of measures to support the US economy, which also completed successful animal trials of the coronavirus vaccine. All these factors have a positive effect on the black gold market.
So, on August 11, according to Investing, the cost of October futures for Brent on the London ICE Futures exchange was $45.12 per barrel, which is $0.13 (0.29%) higher than the closing price previous session.
Oil futures mark Brent 45,12
Futures on WTI for September at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time increased in price by $0.22 (0.52%), to $42.16 per barrel.
Oil futures mark WTI 42,15
Investors' optimism was supported by the statement of the head of Saudi Aramco that in China the demand for gasoline and diesel fuel вЂњalmost returned to the levelвЂќ observed before the pandemic. According to him, demand now stands at about 90 million barrels per day (bbl / d). The head of Saudi Aramco predicts its growth to 95-96 million barrels per day by the end of the year.
Meanwhile, US Treasury Secretary Stephen Mnuchin said he hopes to reach an agreement between the White House and Congress on new measures to support the country's economy this week.
At the same time, experts still fear that the pace of recovery in oil demand will be weaker than expected, due to the need to extend quarantine measures or cancel previous indulgences.