Brent crude rose to $50 a barrel for the first time since September 23

Brent crude rose to $50 a barrel for the first time since September 23


The cost of the November futures for North sea Brent blend has grown by 1.51% awaiting weekly data on U.S. inventories, according to AFP.

MOSCOW, 6 Oct. Oil prices are actively growing Sunday awaiting weekly data on U.S. inventories; Brent for the first time since September 23, has risen to the psychologically important level of 50 dollars per barrel, according to AFP.

As at 15.50 MSK price of November futures for North sea Brent blend has grown on 1,38% — to 49,93 dollars per barrel, while previously it had reached $ 50 per barrel. Prices for light WTI oil grew by 0,91% to 46,68 dollars per barrel.

Late Tuesday the American petroleum Institute (API) will release its weekly report on oil reserves in the United States. The U.S. Department of energy on Wednesday will be published statistics on commercial oil stocks in the USA (excluding strategic reserves) for the week ended 2 October. According to analysts, this figure has increased by 1.75 million barrels to 459,65 million barrels. A week earlier inventories jumped 4 million barrels.

However, the company Genscape reported that crude oil stocks on terminal Cushing (Cushing), Oklahoma, may fall by more than 1 million barrels. Cushing is the largest storage center in US oil.

Confidence in the reduction of oil reserves to U.S. investors service gives statistics of Baker Hughes. According to the company, the total number of drilling rigs in the US by end of working week decreased by 29 units, or 3.5%, and amounted to 809 units. In annual terms, the index fell to 1113 units, or by 56.6%. The number of installations for oil production declined 26 points, or 4.1%, to 614 units. The number drilling for gas production amounted to 195 units, down 2 units.