Oil prices are trading mixed amid reports from China

Oil prices are trading mixed amid reports from China


The cost of December futures for North sea petroleum mix of mark Brent fell to 48.5 dollars per barrel, for WTI crude oil – grew up to 46,36 per barrel.

MOSCOW, 20 Oct. Global oil prices traded mixed amid reports from China and in anticipation of statistics on stocks of “black gold” in the United States, according to AFP.

As of 15.05 GMT the cost of December futures for North sea petroleum mix of mark Brent has fallen on 0,23% — to 48.5 dollars per barrel. The price of December futures for oil of mark WTI has grown on 0,16% — to 46,36 per barrel.

Data from China sparked concerns among investors. The growth of China’s GDP in the third quarter in annual terms it stood at 6.9% vs. 6.8%. Despite the fact that the rate was better than analysts ‘ forecasts, the growth of the economy still shows the slowest pace since 2009. Besides the country’s industrial production in September rose yoy by 5.7% against the forecast of 6%. In August the growth was of 6.1%.

Investors are also awaiting the publication of statistics of the Ministry of energy U.S. commercial oil reserves in the United States. Analysts polled by Reuters expect the index increased by 3.7 million barrels to 472,3 million barrels. A week earlier, the oil reserves in the U.S. rose by 7.6 million barrels, to 468,6 million barrels.

In addition, investors remain fearful of a return of Iranian oil to the world market after the lifting of sanctions. Iran will be able within a week after the lifting of sanctions to increase production by 500 thousand barrels a day, and for six months after the lifting of sanctions the state can increase exports to 1 million barrels per day, to regain market share lost during the period of sanctions, the Agency cites the opinion of the managing Director of National Iranian oil company (NIOC) Roknoddin Javadi (Roknoddin Javadi).

The head of the Swiss-Dutch company Vitol Ian Taylor (Ian Taylor) expects the fight for market share among oil exporters of the Middle East as soon as sanctions are lifted against Iran. “It will be difficult to fit this Iranian oil”, — quotes Reuters opinion Taylor.