Moscow. November 11. The price of crude oil resumed its decline on Wednesday due to a substantial increase in commercial stocks of fuel in the US, data on which were published by the American petroleum Institute (API), reported Bloomberg.
December futures for Brent crude on London’s ICE Futures exchange to 8:25 Moscow time fell by $0.23 (0.48 per cent) to $47,21 per barrel. At the auction the day before their price rose $0.25 (0,53%), to $47,44 per barrel.
Futures prices for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) on Wednesday morning decreased $0,45 (1,02%) – to $43,76 per barrel. According to the results of the previous session, the contract price increased by $0.34 (0,78%) – to $44,21 per barrel.
According to API, the oil reserves in the U.S. rose last week by 6.3 million barrels. In Cushing, where the physical volume of oil traded on the NYMEX, the reserves increased by 2,47 million barrels.
Official data of the Ministry of energy will be released on Thursday. According to experts, surveyed by Bloomberg, inventories of crude oil in the U.S. increased seven weeks in a row, which was not observed since the spring. However, the rise probably slowed to 1.3 million barrels to 2.85 million barrels a week earlier.
In this case, according to informed sources, the Organization of countries-exporters of oil (OPEC) at the meeting on 4 December to discuss not decline, but the quota increase. Probably the limits of oil production by the countries of cartel will be raised to 1 million barrels of oil per day to 31 million barrels per day.