Moscow. November 20. Oil prices are weakly changed on Friday, with WTI finish in the red for the third consecutive week on the preservation of excess supply in the market.
The cost of the January futures for Brent crude on London’s ICE Futures exchange to 8:55 MSK increased by $0,12 (0.27 percent) to $44,30 per barrel. By the close of market on Thursday, the quote of the contract rose to $0,04 (0,09%) – to $44,18 per barrel.
Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) increased to a specified time on $0,02 (0,05%) to $40,56 per barrel. According to the results of the previous trading, the contract dropped $0,21 (0,52%) – to $40,54 per barrel, the lowest level since August 26.
Since the beginning of the week, WTI fell by 0.4%, Brent – rose 1.6%.
“The supply of oil is virtually unlimited. The prices already dropped in the new corridor, and investors have become more cautious. Everything indicates that the chances of a further drop in prices higher than their recovery,” said CMC Markets senior analyst Michael McCarthy.
The Minister of oil of Saudi Arabia Ali Ibn Ibrahim an-Nuaimi said yesterday that his country is working with States, OPEC and oil producers outside the organization, on measures of stabilization of the oil market.
Estimated al-Nuaimi, oil demand will increase by 1 million barrels per day (b/d) during each of the next 10 years.
Earlier, the U.S. Department of energy announced the growth of oil reserves in the country by the end of the eighth week in a row, with stock levels hit their maximum this time of the year since 1930.