The oil continues to rise on ECB statements

The oil continues to rise on ECB statements


On the formation of oil prices is influenced by both the continuing growth of U.S. oil reserves, and statements of stimulus from the European Central Bank.

MOSCOW, 23 Oct. World oil prices continue to rise on the statements of stimulus from the European Central Bank (ECB) and awaiting weekly data oil services company Baker Hughes the rig count in the U.S., according to AFP.

As of 14.16 GMT the cost of December futures for North sea petroleum mix of mark Brent has grown on 0,63% — to 48,38 dollars per barrel. The price of December futures for oil of mark WTI has raised on 0,26% — to 45,49 USD per barrel.

Prospects of additional stimulus from the ECB improves mood, but continued growth stocks U.S. commercial crude oil puts pressure on prices, says analyst on the oil market is Global Risk Management Michael Poulsen (Michael Poulsen), words quoted by the newspaper Thw Wall Street Journal.

At a press conference following the meeting ECB’s Draghi said that the regulator will need to revisit its monetary policy in December. He recalled that the programme of asset purchases is sufficient flexible and allows adjustments of size, composition and duration.

“The possible launch of a quantitative easing program of the ECB calming investors and removes the fears in the market about the economic prospects, and it can be translated into growth in oil demand,” said an analyst at brokerage Saxo Bank OLE Slot Hansen (Ole Sloth Hansen) newspaper.

American oil service company Baker Hughes in Friday 20.00 GMT will publish the weekly data on dynamics of number of drilling rigs in the United States. A week earlier the number of installations in the country decreased by 8 units, or 1%, and amounted to 787 units. In annual terms the index declined by 1131 unit, or 58.9 per cent.