World oil prices are rising on the depreciation of the dollar

World oil prices are rising on the depreciation of the dollar


As at 13.24 Moscow time the cost of the November futures for North sea petroleum mix of mark Brent has risen on 0,21% – to 51,42 dollars per barrel. Price of November futures for oil of mark WTI has grown on 0,25% – to 47,92 $ / bbl.

MOSCOW, 8 Oct. World oil prices rise slightly on Thursday amid the decline of the dollar, despite the significant growth of reserves in the United States, according to AFP.

As at 13.24 Moscow time the cost of the November futures for North sea petroleum mix of mark Brent has risen on 0,21% — to 51,42 dollars per barrel. Price of November futures for oil of mark WTI has grown on 0,25% — to 47,92 $ / bbl.

On Wednesday the U.S. Department of energy reported that commercial oil reserves in the country over the past week rose by 3.1 million barrels — up to 461 million barrels. The analysts had expected the index to increase by only 2.2 million barrels to 460,1 million barrels. Oil production in the U.S. last week, according to the Ministry, increased by 0.83%, or 76 thousand barrels per day — up to 9,172 million barrels.

Against this background, the increase in oil prices will not last long, and in the future, they can fall to 50 dollars per barrel, says a senior oil analyst at Commerzbank Carsten Fritsch (Carsten Fritsch), which leads the Agency Reuters.

A depreciation of the dollar supported oil quotations. As at 13.24 GMT the dollar index (the dollar against a basket of six currencies of countries — major U.S. trading partners) was down 0.39% to 95,19 item.

In addition, the market is awaiting the publication of the minutes of the meeting of the Federal reserve system of the USA this Thursday to get hints about the prospects of increasing bets after weak employment data released last week.