Oil continues to rise due to API data about reduction of stocks in USA

Oil continues to rise due to API data about reduction of stocks in USA


The prices for oil of mark Brent will remain under pressure because of an oversupply of the world’s commercial stocks, analysts PIRA Energy.

MOSCOW, 9 Dec.Prime. World oil prices continue to rise after the announcement of the American petroleum Institute (API) about unexpected reduction of stocks in the U.S., according to AFP.

As of 12.50 GMT the price of January futures for North sea petroleum mix of mark Brent has grown on 0,91% — to 40,63 per barrel. This Tuesday, it dropped below 40 dollars per barrel for the first time since 18 February 2009. The price of January futures for WTI crude oil rose by 0.96% to 37,88 dollars per barrel.

The API reported that oil reserves in the U.S. last week fell by 1.9 million barrels to 488 million barrels, while analysts had expected an increase of 0.3 million barrels.

“The prices for oil of mark Brent will remain under pressure because of an oversupply of the world’s commercial stocks. PIRA estimates that by the end of 2015 the volume of reserves of 500 million barrels will exceed the usual levels”, — quotes Agency the opinion of the analysts PIRA Energy.

Traders also attributed the price growth for Brent oil, an unexpected increase in the volume of orders in the machine industry of Japan and tax reform in China aimed at stimulating imports, the Agency said Reuters. Orders of Japanese companies on machinery and equipment in October increased by 10.7% in monthly terms, while analysts expected decline of 1.5%.

Supports oil prices, the weakening of the dollar. The dollar index (the dollar against a basket of currencies of six major U.S. trading partners) as at 12.51 MSK decreased by 0.27% to 98,13 item.