Brent oil is becoming cheaper by more than 3% on reserves data in the U.S.

Brent oil is becoming cheaper by more than 3% on reserves data in the U.S.


Data on commercial oil reserves in the USA were worse than expected, which negatively affected the commodities market. As of 22.30 GMT the price of January futures for North sea Brent blend fell by 3.05% to 45,19 per barrel.

MOSCOW, 12 Nov. Oil prices on Thursday show a negative trend, the Brent crude oil gets cheaper by 3% on worse than expected data on commercial stocks in the U.S., according to AFP.

As at 22.35 Moscow time the cost of January futures for North sea Brent blend was down on 2,96%, to 45,24 USD per barrel, earlier it was down more than 3% to 45,16 dollars per barrel. The price of December futures for light WTI oil fell by 2.68% to 41,78 USD per barrel.

Earlier in the trading session, the price of December futures for North sea petroleum mix of mark Brent fell below the psychological mark of $ 45 per barrel for the first time since August 27.

As reported in the weekly review of the energy information administration of the U.S. Department of energy, commercial oil reserves in the country (excluding strategic reserves) for the week ended November 6 increased by 4.2 million barrels — up to 487 million barrels. Analysts had expected the index will rise to 1,016 million barrels — up to 483,816 million barrels.

Oil production in the U.S. last week, according to the Ministry, increased by 25 thousand barrels per day — up to 9,185 million barrels. The oil reserves in the country’s largest terminal Cushing (Cushing) has increased by 2.3 million barrels — to 55.4 million.

Gasoline inventories in the U.S. decreased by 2.1 million barrels and amounted to 213 million barrels. Analysts had expected a decline by 0,807 million. Distillate stocks, by contrast, rose 0.4 million barrels — up to 141,1 million barrels. Analysts predicted that the indicator will decrease by 0,931 million barrels.