Moscow. October 22. The oil imports rise on Thursday, but some analysts believe that this short-term trend, as market participants simply take the opportunity to buy after a price decline the previous day, MarketWatch notes.
At the same time, underlying factors indicate that the period of low oil prices will be long.
December futures for Brent crude on London’s ICE Futures exchange to 8:29 Moscow time has risen in price at $0.27 (0,56%) – to $48,12 per barrel. At the end of trading on Wednesday the price dropped to $0,86 (1,77%), amounting to $47,85 per barrel.
Futures prices for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) on Thursday morning had increased to $0,25 (0,55%) to $45,45 per barrel. Close the previous session, the contract price decreased by $1,09 (2,35%) and amounted to us $45.2 per barrel.
According to the U.S. Department of energy, the oil reserves in the U.S. last week jumped 8,03 million barrels, which was the biggest increase since April. Analysts polled by Bloomberg, expected an increase only at 3.75 million barrels. The reserves for the first time since April grew for the fourth consecutive week.
However, the reserves of distillates for last week has decreased on 2,62 million barrels, gasoline – by 1.52 million barrels. The U.S. refinery utilization increased from 86% to 86.4%.