Oil prices stabilized after three days of decline


Moscow. October 28. Oil prices were steady on Wednesday after falling in the previous three sessions, Bloomberg reports.

The cost of December futures for Brent crude on London’s ICE Futures exchange to 8:39 Moscow time is $46,81 per barrel, which corresponds to the close of the previous trading. By the close of market on Tuesday, the futures price decreased $0,73 (1,54%).

Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) rose to this time to $0,03 (0,07%) to $43,23 per barrel. At the end of trading Tuesday, the contract fell $0,78 (1,77%), to $43,2 per barrel.

Over the previous three sessions the price of WTI fell by 4.8%.

Market attention focused on the data about stocks of energy carriers in the USA, which will be published by the Department of energy on Wednesday. According to estimates of experts surveyed by Bloomberg, the oil reserves in the U.S. last week rose to 3.75 million barrels.

“A key factor for the market remains the excess supply, says the analyst CMC Markets in Sydney Rick Spooner. – This contributes to the weakening of optimism in recent times. At the moment, downside risks to oil prices prevail”.

Chief financial officer BP Brian Gilvary said Tuesday that the company does not expect a recovery in oil prices until the end of 2016. According to him, BP has set up its business in such a way as to generate positive cash flow with oil prices at $60 per barrel by 2017.