Brent rose to $43,92 on the signals on reduction of stocks in USA

Moscow. November 18. Oil rises in price on Wednesday on data from the American petroleum Institute (API) about reduction of stocks in the U.S., reports Bloomberg.

The cost of the January futures for Brent crude on London’s ICE Futures exchange to 8:46 Moscow time has increased by $0.35 (0.8 percent) to $43,92 per barrel. By the close of market on Tuesday, the futures price fell at $0.99 (2,22%) – to 43,57 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 $0.32 (0,79%) to $40,99 per barrel. According to the results of previous trading day, the contract fell by $1,07 (2,56%), to $40,67 per barrel.

According to the API, released Tuesday, the oil reserves in the U.S. for the week ending November 13, declined by 482 thousand barrels.

Official data on reserves will be published by the U.S. Department of energy on Wednesday. According to estimates of experts surveyed by Bloomberg, the oil reserves rose by the end of the eighth week in a row by 2 million barrels.

“The oil market remains under pressure, as the problem of excess supply persists, says chief investment officer at Ayers Alliance Securities in Sydney Jonathan Barratt. – Oil prices are likely to hover around current levels”.

The Iranian oil Minister Bijan Namdar Zanganeh said on Tuesday that the government was not concerned about the potential impact of increasing oil supplies with Iran on the price level.

He noted that Iran will not negotiate the issue of increasing oil supplies to the world market after lifting sanctions from OPEC or to ask permission from the organization.

During a press conference in Tehran he reiterated that Iran intends to increase oil exports by 500 thousand barrels per day (b/d) after the lifting of sanctions.