At the end of the week, oil prices continue to rise amid an approaching storm in the Gulf of Mexico. Investors fear that major supply disruptions could reignite in the market as energy companies cut production in the Gulf ahead of the weekend. As a result, Brent quotes rose to $71.50 per barrel on Friday, while WTI rose to $69 per barrel. Additional support for the oil market is provided by the expectation that OPEC + may resist the increase in production, given that the new strain of the delta coronavirus has affected oil demand. An important factor for the further dynamics of oil will be the results of today's speech by the head of the US Federal Reserve in Jackson Hole, since they will have a strong impact on the dollar rate. Market participants expect Jerome Powell to give signals regarding plans to cut the bond buying program in the 4th quarter.
PAUTAN SEGERA
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