Oil prices on Tuesday, August 30, grow amid weakening of the US dollar and the doubts of investors about the positive conclusion of the informal negotiation of the largest manufacturers on the freezing of oil production next month, reports Reuters.
At 08:30 in Kiev the price of November futures for North sea petroleum mix of mark Brent grow on 0,22% – to $49,38 per barrel, and October futures on WTI – on 0,45% – to $of 47.17 a barrel.
Dollar weakens amid investors ‘ expectations statistics from the United States. They believe that new indicators will increase the chance to raise the Central Bank base interest rates in the near future.
The weakening us dollar makes oil, which is traded in dollars, cheaper for investors holding foreign currency. According to experts, the forecast for oil prices is still positive, they expect the cost of black gold will continue to rise.
However, doubts about reaching agreement in the negotiations on the freezing of oil production by member countries of OPEC continue to exert pressure on market prices.
“There is a feeling that the negotiations could end positively. But this is all speculation,” – said the Director for risk management at Mitsubishi Corporation Robert Noonan.