Moscow. December 17. Oil prices are weakly declining on Thursday after a sharp drop in the previous bidding for data about the growth of the stock of energy in the U.S., reports Bloomberg.
Oil remains at the lowest levels in several years – since February 2009 for WTI, with the end of 2008 – for Brent.
The cost of the February futures for Brent crude on London’s ICE Futures exchange to 8:55 MSK decreased by $0,26 (0,70%) – to $37,13 per barrel. By the close of market on Wednesday, the quotation of these contracts fell $1.34 (3,46%) – to $37,39 per barrel. The January futures contract, which trades on December 16 were the last, fell 3.3 percent to $37,19 per barrel.
Futures price for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) has fallen on Thursday morning on $0,12 (0,62%) – to $37,39 per barrel. According to the results of the previous trading, the contract dropped $1,83 (4,90%), to $35,52 per barrel.
“The growth of oil reserves in this time of the year – a strong negative element, as the expected reduction of stocks due to high demand for petroleum products. The lifting of the ban on oil exports from the U.S. have influenced the spread of Brent and WTI, but the direct impact on the prices it will not have”, – said analyst of commodity markets from Samsung Futures Hong sung Ki.
As reported, leaders of the U.S. Congress reached a compromise on a bill that would remove the ban on oil exports from the country. The vote on the bill in the Congress will be held on Thursday, after which it will be forwarded to the Senate.
The excess of the cost of Brent over WTI for the same contract (February) has been reduced to less than 50 cents per barrel. The most actively traded contract (February to Brent, the WTI for January) by the American oil is more expensive.
According to the U.S. Department of energy, commercial oil reserves in the country increased last week by 4.8 million barrels to 490,7 million barrels, of high for this time of year since 1930.