Oil prices of benchmarks went to a confident growth in the course of trading on Monday.
Fears of market participants regarding the increase in production in the US are offset by expectations of an increase in demand amid strong macroeconomic indicators in this country, says MarketWatch.
Quotations of February futures for Brent crude on the London Stock Exchange ICE Futures by 19:00 Moscow time increased by $ 1.17 (1.85%) – to $ 64.57 per barrel.
Prices of futures contracts for oil WTI for January on the New York Mercantile Exchange by this time rose by $ 0.31 (0.54%) – to $ 57.67 per barrel.
The market is concerned about the increase in oil production, especially shale, in non-OPEC countries, said Senior Market Analyst Price Futures Group Phil Flynn. “But the focus may shift to demand, and traders may want to focus on demand,” he believes.
Goldman Sachs analysts forecast that production of oil outside OPEC will increase by 550,000 barrels per day in the fourth quarter, primarily due to the launch of new projects in Canada and Brazil. In addition, production in the US will increase by 280 thousand b / s.
“This is largely due to the long-expected increase in shale production in the US, which accelerated in September,” the report says.