Moscow. October 29. Oil prices fall weakly on Thursday morning after a record-breaking eight weeks of growth ahead, reports Bloomberg.
December futures for Brent crude on London’s ICE Futures exchange to 8:56 p.m. Moscow time on Thursday fell by $0.23 (0.47 percent) to $48.82 per barrel. By the close of market on Wednesday, the futures price jumped $2.24 (4,79%) to $49,05 per barrel.
Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time $0,24 (0,52%) – to $45,70 per barrel. According to the results of the previous session, the contract rose in price by $2,74 (6.34 per cent), to $45,94 per barrel.
“Yesterday’s price surge again marked the upper limit of quotations, – said a senior analyst at CMC Markets Michael McCarthy. – Factors that are essential in order to break through this upper border that runs around $50 per barrel in the near future is not expected. The market remains concerned about growth stocks.”
According to yesterday’s data, U.S. Department of energy, the oil reserves in the country over the past week rose to 3.38 million barrels. Stocks rise for five consecutive weeks, which was not observed since April.
Meanwhile, distillate inventories last week fell by 3 million barrels, gasoline – by 1.1 million barrels.
Workload refineries in the country increased from 86.4 percent to 87.6%.