Crude oil prices strengthened last week

The NYMEX WTI crude oil price strengthened last week (August 15-22), closing Thursday's trade up 1.62% week-over-week at USD 55.35/barrel, reports UkrAgroConsult.

It was pushed up by the following factors:

– a drop in crude oil inventories in the US. They decreased by 2.7 Ml barrels this past week, though market participants had expected a less significant decline in their volume;

– expectations for a speech to be delivered by FRS Chair Jerome Powell on Friday at an annual economic symposium in Jackson Hole.

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Please be reminded that on September 5, UkrAgroConsult will host a major meeting point of the oilseed industry operators – the 7th International Conference “Black Sea Oil Trade-2019” in Hilton, Kyiv, Ukraine.

‘Black Sea Oil Trade’ conference annually brings together key players of the global agribusiness at the start of a new oilseed season. The goal of the conference is to discuss prospects and directions of the Black Sea and global oilseed market development, exchange international contacts, share recommendations for adapting business strategies in the changing market and global trade.

More than 250 delegates from 25+ countries attend the conference annually. Conference participants are represented by producers and crushers of oilseeds, traders, enterprises for deep processing of vegoils, investment companies, banks, legal, shipping, brokerage, insurance, surveyor and other companies.

UkrAgroConsult