Oil prices are rising: what is happening on the global market
18 February 10:12
Oil prices rebounded on Wednesday, February 18, after falling by about 2% the day before: the market is assessing the progress in negotiations between Washington and Tehran, but is reluctant to place bets because their possible outcome is unclear and there are concerns about oil supply.
This was reported by "Komersant Ukrainian" with reference to Reuters.
By 08:19 Kyiv time, Brent crude futures had risen 0.15% to $67.52 per barrel, while WTI futures had risen 0.11% to $62.4 per barrel. The United States and Iran have reached an understanding on the main topics of the negotiations on Tehran’s nuclear program taking place in Geneva, Iranian Foreign Minister Abbas Arakchi said. At the same time, he noted that there is still a lot of work to be done.
Analysts remain skeptical about the chances of progress.
“Oil prices are poised for a technical rebound,” said Suganda Sachdeva of SS WealthStreet. “However, a final agreement (between the US and Iran) remains a distant prospect.”
Meanwhile, oil production at the Tengiz field in Kazakhstan, which was halted in January, is gradually increasing, the Tengizchevroil press service reported yesterday.
According to media sources, Tengiz plans to reach full capacity by February 23.
The focus is on oil inventory data to be released Wednesday by the American Petroleum Institute. Official statistics will be released Thursday evening.
Analysts surveyed predict that US oil reserves increased by about 2.3 million barrels in the week ending February 13, while gasoline reserves fell by 200,000 barrels. Russian representatives at the US-mediated peace talks between Russia and Ukraine did not comment on the first day of the meeting in Geneva, but Russian news agencies reported, citing a source, that the discussions were very tense and lasted six hours in various bilateral and trilateral formats.
