December futures for North sea petroleum mix of mark Brent to the middle of the day price rose to 48,76 per barrel. The price of futures for oil of mark WTI has risen to 46.4 per barrel.
MOSCOW, 5 Nov. World oil prices continue to show positive dynamics despite the growth stocks in the United States, according to AFP.
As at 14.26 GMT the cost of December futures for North sea petroleum mix of mark Brent has grown on 0,42% — to 48,76 per barrel. The price of December futures for oil of mark WTI has grown on 0,18% — to 46,4 USD per barrel.
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.
“U.S. data had a negative impact on the market, and the probability of improving the balance of supply and demand at this stage is small, as the stocks are rising and production is not reduced,” — said a senior analyst at CMC Markets RIC Spooner (Ric Spooner) to Reuters. Thus gasoline stocks, according to the Ministry, fell by 3.3 million barrels, or 1.5 percent, to $ 215,3 million barrels, distillate inventories declined by 1.3 million barrels, or 0.9%, to 140,8 million barrels.
In addition, investors are awaiting a regular meeting of the Organization of countries-exporters of oil, which will take place on 4 December. The cartel plans to discuss policies in the field of mining. OPEC not reducing production, despite the plunge in world oil prices to preserve market share, while Saudi Arabia holds the level of oil production is almost at a record level.
“We continue to believe that OPEC and Russia will continue its strategy for the extraction of such amount of oil which will be required,” said BMI analysts at the Agency.