Moscow. October 26. Oil prices weakly increase on Monday morning as investors digested data on the reduction in the number of drilling rigs in the U.S. and stimulus measures, China’s Central Bank, reports Bloomberg.
December futures for Brent crude on London’s ICE Futures exchange to 8:33 Moscow time on Monday rose by $0.09 (0.19 percent) to $48,08 per barrel. By the close of market on Friday, the futures price fell by $0.09 (0.19 percent) to $47,99 per barrel.
Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time to $0,11 (0,25%) to $44,71 per barrel. According to the results of the previous session, the contract fell in price by $0,78 (1,72%), to $44,6 per barrel.
Last week Brent fell by 4.9%, WTI – by 5.6%.
On Friday, oilfield services company Baker Hughes reported that for the last week in the U.S. stopped working one oil drilling rig. For the previous three weeks, the number of drilling rigs decreased by 45 units.
For the past two weeks the volume of oil reserves in the country jumped more than 15 million barrels.
“Significant growth of fuel reserves in the US indicates oversupply in the market, said investment officer at Ayers Alliance Securities Jonathan Barratt. – Grow the quotes will be competitive.”
Meanwhile, it was reported that the people’s Bank of China (the Central Bank of the country) on Friday lowered interest rates on loans and deposits by 25 basis points to 4.35% and 1.5% respectively. Since November of last year, the cost of lending in China decreased for the sixth time. In addition, in order to maintain economic growth, the Chinese Central Bank eased reserve requirements and abolished the upper limit of interest rates on all Bank deposits.
China is the second largest consumer of fuel in the world after the USA.