Moscow. October 23. Oil prices rising on Friday on expectations of increasing European Central Bank (ECB) of the volume incentive, however, a strong dollar and continued excess oil on the market its keep rise, according to MarketWatch.
December futures for Brent crude on London’s ICE Futures exchange to 8:48 p.m. Moscow time rose in price by $0.29 to (0,6%) to $48,37 per barrel. By the close of market on Thursday, the futures price increased by $0.23 (0.48 per cent) to $48,08 per barrel.
Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) rose to this time to $0,12 (0,26%) – to $to 45.5 per barrel. According to the results of the previous session, the contract rose $0,18 (0,4%), to $45,38 per barrel.
The ECB President Mario Draghi on Thursday of the meeting stated that the monetary stimulus will be reviewed in December. According to M. Draghi, the ECB may reconsider how the current volume of quantitative easing (QE), and the composition of the redeemed under this program, assets, and expiration date.
“QE will continue until September 2016 or longer if necessary”, – he said.
“We see some recovery of optimism in the oil market,” notes OCBC analyst energy sector Barnabas Chen.
Since the beginning of this week, WTI fell by 3.7%, Brent by 4.1%.
“A key factor for the market is the continued growth of stocks in the U.S., says analyst CMC Markets in Sydney Michael McCarthy. – The increase in reserves is unnerving traders, and therefore, oil prices are likely to remain at the lower end of the current trading range”.
It was reported that oil inventories in the U.S. rose by the end of the fourth week in a row – to 8,03 million barrels, their level is higher than the average for this time of the year for five years more than 100 million barrels.