On the dynamics of oil prices is influenced by the data on oil reserves in the US and on news that the United States is planning to sell some of its strategic reserves.
MOSCOW, 28 Oct. World oil prices show mixed trend on Wednesday amid data from the American petroleum Institute (API) for stocks in the United States, and amid news that the United States is planning to sell some of its strategic reserves, according to AFP.
As of 08.03 MSK price of the December futures for North sea petroleum mix of mark Brent has decreased on 0,03% — to 46,84 dollars per barrel. The price of December futures for WTI crude oil rose 0.1% to 43,25 USD per barrel.
API released its estimates of oil reserves in the U.S. over the past week. According to these data, commercial stocks in the country rose by 4.1 million barrels last week, the forecast increase of 3.7 million barrels. His assessment of this indicator on Wednesday to release the U.S. Department of energy.
“The oversupply on the market continues to put pressure on the price of oil,” commented Reuters, analyst at Price Futures Group Phil Flynn (Phil Flynn).
In addition, participants drew attention to the reports that the US is going to sell 58 million barrels of oil from its strategic petroleum reserve in the period from 2018 to 2025. The volume of oil reserve, which is located in four oilfields on the Gulf coast amounts to 695 million barrels. Thus, the U.S. plans to sell more than 8% of their strategic reserves. This decision was taken on Monday as a result of reaching preliminary agreement on the Federal budget between the White house and lawmakers of the United States.