The price of North sea grade Brent increased to 46,95 per barrel. WTI rose to 43,21 USD. Experts note a strong over-supply, and investors play.
MOSCOW, 12 Nov. World oil prices have moved to a moderate growth on Thursday morning after the day before their fall more than 3% amid fears over oversupply of raw materials on the market, according to AFP.
As at 07.14 MSK price of January futures for North sea petroleum mix of mark Brent rose by 0.64% to 46,95 per barrel. The price of December futures for oil of mark WTI — 0.65%, to 43,21 USD per barrel.
The fall in oil prices Monday was caused by investors ‘ attempts to win back the forthcoming publication of the weekly change in inventories of raw materials in the U.S. the U.S. Department of energy. According to analysts, the indicator will show an increase of 1,016 million barrels. A week earlier, the oil reserves in the U.S. increased by 2,847 million barrels, or 0.6%, to 482,8 million barrels.
“You can say whatever you want about the prospects for an improvement in oil demand next year and beyond, but now we see strong oversupply and investors win,” said Reuters, partner at Again Capital LLC in new York, John Kilduff (John Kilduff).