Oil becomes cheaper on fears over an oversupply in the market

Oil becomes cheaper on fears over an oversupply in the market


According to the trades, as at 10.24 UTC + cost of December futures for North sea petroleum mix of mark Brent has decreased on 0,09% — to 49,65 dollars per barrel.

MOSCOW, 15 Oct. World oil prices are falling Tuesday on fears for the excess supply of “black gold” on the market, and in anticipation of data on stocks in the U.S., according to AFP.

As at 10.24 UTC + cost of December futures for North sea petroleum mix of mark Brent has decreased on 0,09% — to 49,65 dollars per barrel. Price of November futures for oil of mark WTI fell by 0.62% to 46,36 per barrel.

Data on OPEC oil production, published earlier this week, continue to restrain prices for “black gold” from rising. According to the October report, oil cartel in September increased by 0.11 million barrels per day, up to 31,57 million barrels. Data excluding Iraq, OPEC production last month amounted to $ 27,429 million barrels per day (an increase of 29 thousand barrels).

“Oil prices fell this week as investors reacted to the monthly report of OPEC”, — quotes Agency France Presse words of the analyst EY of Sanjeev Gupta (Sanjeev Gupta).

Investors also awaited the release later on Thursday statistics of the U.S. Department of energy, commercial oil reserves in the United States (excluding strategic reserves) for the week ended 9 October. According to analysts, the increase of 2,848 million barrels — up to 463,848 million barrels. A week earlier, the reserves jumped by 3.1 million barrels.