The price of oil is weakly increasing, report IEA keeps prices down

The price of oil is weakly increasing, report IEA keeps prices down


The cost of December futures on petroleum mix of mark Brent has grown on 0,03% – to 49.70 per barrel.

MOSCOW, 14 Oct. World oil prices grow weakly in the course of trading environment, the data of the monthly report, the International energy Agency (IEA) inhibit their growth, according to AFP.

As at 09.55 Moscow time the cost of December futures for North sea petroleum mix of mark Brent has grown on 0,03% — to 49.70 per barrel. Price of November futures for oil of mark WTI has grown on 0,05% — to 46,69 USD per barrel.

Investors are still reacting to Tuesday’s report from the International energy Agency (IEA). According to the report, growth in world oil demand in 2015 will accelerate to five-year high of 1.8 million barrels per day in 2016 growth will slow to 1.2 million barrels per day.

The demand for OPEC oil, according to experts IEA, the next year will amount to 31.1 million barrels per day, which is 0.2 million barrels per day less than the September forecast.

The demand is struggling to cope with oversupply in the background of a slowdown in global economic growth this year and is expected to continue next year, writes Agence France Press. “The market remains in excess, and the impending Iranian oil, which may hit the market in November, will indeed be the beginning of a trend of falling prices on the market”, — quotes Agency the words of Phillip Futures investment analyst Daniel Anga (Daniel Ang).