Moscow. November 3. Oil prices are weakly increasing in the morning on Tuesday in anticipation of data on stocks of fuel in the U.S., reports Bloomberg.
December futures for Brent crude on London’s ICE Futures exchange to 8:13 Moscow time has risen in price to $0,05 (0,10%) to $48,84 per barrel. By the close of the market on Monday, the futures price has increased by $0.77 (1,55%), to $48.79 per barrel.
Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time for $0,15 (0,33%) – to $46,29 per barrel. At the end of trading on Monday, the contract dropped $0,45 (0.97 per cent) to $46,14 per barrel.
Data on the dynamics of hydrocarbon reserves in the U.S. last week will be made public by the Ministry of energy on Wednesday at 18:30 GMT.
Analysts polled by Bloomberg, expect the sixth consecutive week of growth stocks. According to the consensus forecast, the volume of commercial oil reserves in the U.S. for the week ended October 30 rose by 2.25 million barrels.
“Report of the Ministry of energy raises concerns of investors, said senior analyst at CMC Markets RIC Spooner. – Given the state of the market, reducing reserves should not wait”.
Meanwhile, a prominent expert Daniel Yergin, Vice Chairman IHS Inc., noted that oil production in the U.S. could be reduced by 10% for the 12 months to April 2016 and the market will gradually begin to come to a balanced state. According to him, oil prices will recover to $70-80 per barrel by the end of this decade.