Oil prices continue to decline on fears of rising inventories in the U.S.

Oil prices continue to decline on fears of rising inventories in the U.S.


Pending publication of statistics on commercial oil reserves in the U.S. as of 20.26 MSK price of the December futures for North sea petroleum mix of mark Brent fell 1,90% to 46,64 dollars per barrel.

MOSCOW, 27 Jan. World oil prices continue to decline on investor concerns that data on stocks in the USA will show growth for five consecutive weeks, according to AFP.

As at 20.26 MSK price of the December futures for North sea petroleum mix of mark Brent fell 1,90% to 46,64 dollars per barrel. The price of December futures for WTI dropped by 2.41% to 42,92 USD per barrel.

Investors expect the publication of statistics of the Ministry of energy U.S. commercial oil reserves in the country. Analysts expect the index increased by 3 million barrels to their 479,6 million barrels. Commercial oil stocks in the USA (excluding strategic reserves) for the week ending October 16, up by 8 million barrels, or 1.7%, to 476,6 million barrels.

Despite seasonal low demand, the U.S. is also importing more oil. Relatively high domestic prices have encouraged buying by refiners of foreign oil, which can also be added to the data on stocks.

“The market is preparing for what will almost certainly be another great growth stocks of tomorrow”, — told the newspaper The Wall Street Journal, Director of futures trading at Mizuho Securities USA Inc. in new York Bob Yager (Bob Yawger).