Market Analysis

Forexmart's Market Analysis section provides up-to-date information about the financial market. The overviews are intended to give you an insight into current trends, financial forecasts, global economic reports, and political news that influence the market.

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September 16, 2020 11:49 am

Brent. September 16, 2020 – Oil market is growing again

Oil prices are rising for the second day in a row. The current Brent quotation is $41.40 per barrel.

The reason for the strengthening was the suspension of oil and gas production in the United States due to hurricane Sally in the Gulf of Mexico. The current estimate for the total loss of production is between 3 and 6 million barrels of oil in about 11 days.

Additional support to prices was provided by yesterday's report from the American Petroleum Institute (API), which showed a decrease in oil reserves in the United States by 9.5 million barrels, to 494.6 million. Analysts predicted an increase in reserves by 1.3 million barrels.

The dynamics of the oil market also depends on the results of the two-day meeting of the US Federal Reserve System. If the event provides support for the dollar, oil prices are expected to show a correction.

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