On Wednesday it became known that commercial oil reserves in the U.S. last week rose by 0.1%, which caused price fluctuations, which continues on Friday.
MOSCOW, 20 Nov. Oil prices on Friday are adjusted slightly upwards, reflecting publication data the U.S. Department of energy weekly inventories of raw materials in the country, according to AFP.
As of 09.10 GMT the price of January futures for North sea Brent blend has grown by 0.11% to 44,26 dollars per barrel, the price of futures for light WTI oil by 0.47 percent, to 41,92 per barrel.
On Wednesday it became known that commercial oil reserves in the country for the week ended 13 November, rose by 0.3 million barrels, or 0.1% to 487,3 million barrels. This caused price fluctuations, which continues on Friday, mainly due to the controversial reaction of investors. Many of them noted the continued increase of raw material reserves in the US, but some have not overlooked the fact that analysts had expected a much larger increase by 1.9 million barrels.
Oil prices have already lost about 60% of their value since mid-2014 because of oversupply in the range of 0.7 to 2.5 million barrels per day, which, according to many experts, it may persist into 2016. In addition, the data of the market say that investors are already preparing for the next price drop in March 2016.
“Oil prices really are moving to the limit… mainly due to the fact that the market has to change the fundamental factors of influence”, — says in an interview with CNBC investment analyst at Phillip Futures, Daniel Ang (Daniel Ang).