Moscow. October 30. Oil prices reference marks fall on Friday on concerns that an overabundance of fuels on the world market will decline in the near future, reported Bloomberg.
December futures for Brent crude on London’s ICE Futures exchange to 8:30 Moscow time has fallen in price on $0,12 (0,25%) to $48,68 per barrel. At the end of trading Thursday the price dropped to $0,25 (0,51%), amounting to $48,8 per barrel.
Futures prices for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) on Friday morning fell by $0.19 (0,41%) to $45,87 per barrel. At the same time close the previous session, the contract price increased by $0,12 (0,26%) and amounted to $46,06 per barrel.
The oil Minister of Iraq Adel Abdul Mahdi said that oil production in the country, which is the second largest oil producer in OPEC, has exceeded 4 million barrels per day.
In addition, oil reserves in the country over the past week rose to 3.38 million barrels, according to the U.S. Department of energy. Stocks rise for five consecutive weeks, which was not observed since April.
The oil can finish for the fourth consecutive month below $50 per barrel.
“We need to reach $50,9 per barrel in order to ensure greater positive correction up of oil,” CMC Markets chief analyst RIC Spooner.