According to the auction, the price of December futures for North sea Brent blend has grown to 48.45 dollars per barrel. The price of December WTI oil futures increased to 45,53 USD per barrel.
MOSCOW, 6 Nov. World oil prices continue to show positive dynamics, however, the remaining excess of iodine in the market and a possible increase in interest rates by the Federal reserve system of the USA restrict the strong growth in the value of “black gold”, according to AFP.
As at 13.41 GMT Friday the price of December futures for North sea petroleum mix of mark Brent has grown on 0,98%, to 48.45 dollars per barrel. The price of December futures for oil of mark WTI has grown on 0,73% — to 45,53 USD per barrel.
Oil prices continue to react to data on stocks in the United States. According to the U.S. Department of energy, commercial oil reserves in the country (excluding strategic reserves) for the week ended October 30, rose to 2,847 million barrels, or 0.6%, to 482,8 million barrels. Oil production grew by 0.5% or 48 thousand barrels per day, up to 9,16 million barrels.
On Wednesday, US Federal reserve Chairman Janet Yellen stated that interest rate hike in December is likely. She noted that the U.S. economy is now “working well”, domestic revenues are steadily increasing. Positive statistics can be another incentive for the fed to raise rates in December. The increase in rates will cause the dollar strengthening, which will put pressure on the price of oil.
In addition, investors are awaiting data on the dynamics of drilling rigs in the United States. American oil service company Baker Hughes at 21.00 GMT Friday will publish these weekly data. A week earlier the number of installations in the country decreased by 12 units, or 1.52%, and amounted to 775 units. In annual terms, this figure dropped to 1154, or 59,8%.