According to the auction, the price of December futures for North sea petroleum mix of mark Brent fell to 49.3 dollars per barrel amid expectations of market participants regarding statistics of commercial oil reserves in the United States.
MOSCOW, 15 Oct. World oil prices continue to decline amid expectations of market participants regarding statistics of commercial oil reserves in the U.S., and also due to the “excess” supply in the market, according to AFP.
As of 13.17 MSK price of the December futures for North sea petroleum mix of mark Brent has decreased on 0,78% — to 49.3 dollars per barrel. Price of November futures for oil of mark WTI fell 1.46% to 45,96 dollars per barrel.
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, which he says grew by 9.4 million barrels last week to 465,96 million barrels, the forecast increase of 2.8 million barrels.
The U.S. Department of energy later Wednesday will release statistics on commercial oil stocks (ex strategic reserve) for the week ended 9 October. According to analysts, the increase of 2,848 million barrels — up to 463,848 million. A week earlier, the reserves jumped by 3.1 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.
Some analysts say about a possible slowdown of price growth in the coming months because of the likely fed increase in interest rates in the United States. As noted by Reuters, the increase in rates will cause a rise in the dollar, which will make the commodity prices less attractive for investors using other currencies.
“In December the fed will raise rates and OPEC will cut production. In the first quarter of 2016 world oil reserves will grow even stronger, and oil prices will fall,” says chief commodity analyst at SEB Markets Hilldrop Bjarne (Bjarne Schieldrop) to the Agency.