The cost of the January futures for North sea Brent blend has grown on 2,11% – to 44,49 USD per barrel. The price of December futures for light WTI oil increased by 1,60% to 41,33 dollars per barrel.
MOSCOW, 18 Nov. World oil prices continue to rise on the background data of the American petroleum Institute (API), which showed a decrease in stocks of raw materials in the U.S. over the past week, however, analysts do not expect a significant increase in the stock prices at least until the second half of 2016, according to AFP.
As at 13.46 GMT the price of January futures for North sea Brent blend has grown on 2,11% — to 44,49 USD per barrel. The price of December futures for light WTI oil increased by 1,60% to 41,33 dollars per barrel.
API released its estimates of oil reserves in the U.S. over the past week. According to these data, commercial stocks in the country fell by 482 thousand barrels, while analysts expected growth by 1.1 million barrels. His assessment of this indicator on Wednesday to release the U.S. Department of energy. Analysts polled by Reuters expect the index to increase by 1.9 million barrels to 488,9 million barrels.
Despite the rise in oil prices, many analysts warn that prices will remain low until the end of 2015 and the bigger half of 2016 due to the significant volume of supply to the world market.
Now futures for January 2017 traded at above 6 dollar contracts for January 2016, this margin was insufficient to justify the storage of oil in floating storage Reuters cites the opinion of experts Jefferies.
“The excess supply and excess supply of oil is likely to continue into next year, putting constant pressure on oil prices”, — stated in the report of the Center for Strategic and International Studies (CSIS).