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Oil prices that had been declining in the morning, the day erased losses and began to rise.Investors shifted attention to the prospects for economic recovery and hopes for new monetary stimulus after the people’s Bank of China (PBOC) promised to use new monetary policy tools to maintain adequate liquidity, Trading Economics writes.
The cost of the August futures for Brent crude on the London ICE Futures exchange to 14:04 MSK was $41,04 per barrel, or $0,02 (0,05%) above the price of closing of previous session.
The WTI crude for August in electronic trading on the new York Mercantile exchange (NYMEX) by this time increased in price by $0.14 (0.36 percent) to $a 38.63 per barrel.
Earlier in the trading both contracts became cheaper on fears of coronavirus. The number of confirmed cases of coronavirus infection in the world has exceeded 10 million, the number of deaths 500 thousand, according to the Johns Hopkins University.
The American States of Texas and Florida were forced to suspend the removal of the restrictions previously imposed to contain the spread of coronavirus. The number of new cases is increasing nationwide, especially in the South and Western United States.
“New growth in the number of cases in the United States, which suggests the possibility that some States will return the reversed constraints, is harmful for the recovery of oil demand”, – quotes MarketWatch analyst Oanda Edward Moil.
AxiCorp analysts, however, noted that the reintroduction of hard Loktionov in the world, probably will not, therefore, possible to expect preservation of the tendency to a gradual recovery in oil demand.
According to oilfield services company Baker Hughes released on Friday, the number of active oil rigs in the US last week decreased by 1 unit – up to 188 units. The number of installations grows with the first half of March.