World oil prices continue to decline on rising stockpiles in the U.S.

World oil prices continue to decline on rising stockpiles in the U.S.


The cost of December futures for Brent crude mixture was reduced to 48.3 per barrel. The price of December futures for oil of mark WTI fell by 1.35% to 45,33 USD per barrel.

MOSCOW, 29 Oct. World oil prices continue to decline amid increasing stockpiles in the US and the fed decision not to raise interest rates, according to AFP.

As of 14.44 Moscow time the cost of December futures for North sea petroleum mix of mark Brent has decreased on 1,57% — to 48.3 per barrel. The price of December futures for oil of mark WTI fell by 1.35% to 45,33 USD per barrel.

This Wednesday both brands grew by 5% on the background of reduction of stocks of oil products in the USA. According to the energy information administration of the U.S. Department of energy, gasoline inventories in the U.S. fell by 1.1 million barrels, or 0.5%, and was 218.6 million barrels. Distillate inventories fell by 3 million barrels, or 2 percent, to 142.1 million barrels.

According to the U.S. Department of energy, commercial oil reserves in the country (excluding strategic reserves) for the week ended October 23, increased by 3.4 million barrels, or 0.7%, to 480 million barrels.

Also in the spotlight of the markets is the message the fed. So, on Wednesday, the regulator once again kept its base rate at a minimum level of 0-0. 25%, as analysts expected. The fed did not rule out a rate hike in December, depending on employment and inflation.

“It seems that in the last few weeks the fed is less worried about the economic situation in China, and the result is again increased expectations that the fed may raise rates in December,” said analyst Petromatrix GmbH Olivier Jacob (Olivier Jakob) Reuters.