The price of WTI crude oil fell below $40 a barrel for the first time since August

The price of WTI crude oil fell below $40 a barrel for the first time since August


Moscow. November 18. Quotes North American WTI crude oil during trading on Wednesday fell below $40 a barrel for the first time since August on evidence a high level of global fuel reserves, reports Bloomberg.

Futures price for WTI crude oil for December in trading on the new York Mercantile exchange dipped to 20:03 on $0,54 (1,33%) to the closing level on Tuesday to $40,13 per barrel. In the course of trading fell to $39,91 per barrel, the lowest level since August 27.

The January futures for North sea Brent crude on London’s ICE Futures exchange by specified time has fallen in price on $0,11 (0,25%) to $43,46 per barrel.

According to the International energy Agency (IEA), world oil reserves have reached almost 3 billion barrels. In the U.S. last week, the reserves increased by 252 thousand barrels, the increase was the eighth in a row.

“The market is shocked by the current level of reserves, said the investment Director of the Fund Alexander Alternative Capital’s Michael Corcelli. – Any time the oil may fall to the lowest level in six years.”