According to experts, the cost of black gold reference brands showed strong growth at the beginning of the week. In this case, analysts warn that you should not count on a long-term recovery of the trend.According to Phil Flynn, a strategist at Price Futures Group, the resumption of oil exports from Kirkuk province last Friday had a restraining effect on the black gold market. Many analysts believe that oil prices have already struck the bottom and will return to trading in a fairly narrow range after recovery.Most investors fear oversupply of oil in the global market, while demand growth is weakening. According to Bank of America experts, after the oil quotations went down to the "bearish" trend and the liquidation of most of the "long" positions of hedge funds, the market became much more active.Last Friday, futures for Brent crude oil increased by 0.2% to $ 66.76 per barrel. The cost of WTI light crude oil remained almost unchanged, remaining at $ 56.46 a barrel.Over the previous five trading sessions, prices for Brent and WTI decreased by 4.9% and 6.2% respectively. The current decline was the sixth in a row, which was not observed in the last three years.Futures for Brent crude on the London Stock Exchange ICE Futures with delivery in January rose by 0.82% to $ 67.31 a barrel. The contract for WTI oil for December delivery on the New York Mercantile Exchange rose by 1.2% to $ 57.14 a barrel.
