The oil continues to rise on the decline in production and stocks in the United States

The oil continues to rise on the decline in production and stocks in the United States

MOSCOW, 16 Oct. World oil prices continue to show positive growth thanks to the reduction of production of “black gold” stocks of gasoline and distillates in the U.S., according to AFP.

As of 14.04 MSK price of the December futures for North sea petroleum mix of mark Brent has grown on 0,81% — to 50,13 dollars per barrel. Price of November futures for oil of mark WTI has grown on 1,06% — to 46,87 dollars per barrel.

According to the U.S. Department of energy, oil production in the country during the week decreased by 76 thousand barrels per day — up to 9,096 million barrels. Gasoline inventories fell by 2.6 million barrels, and reached 221,3 million barrels, distillate stocks also fell by 1.5 million barrels — to 147.6 million barrels.

“Holding short positions, investors ahead of the weekend have already started to take profits after four days of decline (in oil prices — ed.),” said PVM oil analyst Tamas Varga (Varga Tamas) to Reuters.

Thus, commercial oil reserves in the United States (excluding strategic reserves) for the week ended October 9, according to the Ministry, increased by 7.6 million barrels, to 468,6 million barrels. Analysts had expected the index to increase by only 2,848 million barrels, to 463,848 million barrels. The oil reserves in the country’s largest terminal Cushing (Cushing) has increased by 1.1 million barrels to 54.2 million.

However, many investors remain fearful of a return of Iranian oil, which will result in surplus in the world oil market. The Parliament and the guardian Council of the Constitution (special nederlantsche authority in Iran) has already approved a bill to implement the agreement with the “six” on its nuclear program. “Even if the price now rises, then the market will come back Iranian oil, and the prices will go down again. I think that before the end of the year, more likely the tendency to decrease”, — quotes Agency the words of Phillip Futures investment analyst Daniel Anga (Daniel Ang).