The oil market is stable at the end of the trading week
Oil prices showed stability on Friday morning after a steady rise the day before. October Brent futures on ICE Futures reached $67.87 per barrel, while the October WTI contract on NYMEX rose to $63.73 per barrel.
The market was supported on Thursday by lower expectations of an early settlement of the conflict in Ukraine: the lack of progress has increased concerns about new sanctions against Russia and its partners.
An additional growth factor was data from the US Department of Energy: oil reserves in the country decreased by 6.01 million barrels, and gasoline – by 2.72 million, indicating high demand.
Today, traders’ attention is focused on Fed Chairman Jerome Powell’s speech at a symposium in Jackson Hole. The market is waiting for signals of a possible rate cut, which can stimulate the economy and support energy demand.
