Prices on Brent oil rose above $46 after a sharp drop the day before

Moscow. November 12. Oil prices rise on Thursday after a significant fall in the previous auction, reports Bloomberg.

The cost of December futures for Brent crude on London’s ICE Futures exchange to 8:40 Moscow time increased by $0,25 (0,55%) to $46,06 per barrel. By the close of market on Wednesday, the futures price fell to $1,63 (3,44%) to 45,81 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 to $0.28 (0.65 percent) to $43,21 per barrel. According to the results of the previous trading, the contract dropped $1,28 (2,9%), to $42,93 per barrel.

“The market returned to the level of support that it had tested twice in the last couple of months, says a senior analyst at CMC Markets in Sydney Rick Spooner. – The problem of excess oil supply on the market will probably continue to outweigh optimism about medium-term prospects for prices”.

The attention of the market on Thursday aimed at stock data in the US show an increase of oil reserves in the country by the end of the seventh week in a row.

According to estimates of experts surveyed by Bloomberg, the oil reserves in the USA increased last week by 1.3 million barrels.

Thus, the inventory level will remain above average for this time of year more than 100 million barrels.

Official data from the Ministry of energy of the USA on stocks will be released at 19:00 on Thursday.