Oil prices continue to rise amid forecasts of increased demand

Oil prices continue to rise amid forecasts of increased demand


On the eve of Brent oil overcame the psychological value of 50 dollars per barrel. As at 12.53 GMT the cost of the November futures for North sea Brent blend rose to 52.8 us dollars per barrel.

MOSCOW, 7 Oct. World oil prices continue to rise due to projected increase in global demand and in anticipation of data on stocks in the U.S., according to AFP.

As at 12.53 GMT the cost of the November futures for North sea Brent blend has grown on 1,69% — to 52.8 us dollars per barrel, WTI light crude oil — on 1,94%, to 49,47 dollars per barrel. Brent oil on Tuesday, breaking the psychological value of 50 dollars per barrel, rose by 5,11%, increasing the cost of a barrel of WTI reached 4,69%.

World oil consumption in 2016 will show a record growth in the last six years, while production in countries outside OPEC, almost stop to increase, according to the forecast of the energy information Administration (EIA). According to estimates by EIA, in September oil production in the country decreased by 120 thousand barrels per day compared with August. The Ministry of energy of the country also predicts the decline in production in the country by the end of 2016 year to 8.9 million barrels of oil per day expected in 2015 to 9.2 million barrels.

In addition, a positive impact on oil prices is also providing messages of OPEC. The OPEC Secretary General Abdullah al-Badri said Tuesday that experts of the countries-members of the organization and States outside OPEC, including Russia, 21 October, to hold a meeting to discuss global oil prices. Al-Badri noted that the meeting will be technical in nature, and the participation of Ministers from the countries-oil producers is not expected.

In anticipation of release of statistics the energy information administration of the U.S. Department of energy American petroleum Institute (API) released its estimates of oil reserves in the country over the past week. Oil reserves in the U.S. fell by 1.2 million barrels last week, with a forecast increase of 2.2 million barrels.

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, polled by Reuters, this figure increased by 2.2 million barrels — up to 460,1 million barrels. A week earlier inventories jumped 4 million barrels.