Futures price for Brent blend increased in the beginning of the day by 0.22% to 36,46 USD per barrel. Futures for WTI rose in price on 0,84% – to 36,45 dollars per barrel.
MOSCOW, 23 Dec. World oil prices in the auction environment grow within the correction after reaching an eleven year low, but analysts are still skeptical in relation to the dynamics of prices for “black gold” because of the continued oversupply in the market, according to AFP.
As 08.58 MSK price of February futures for North sea petroleum mix of mark Brent grow on 0,22% — to 36,46 USD per barrel. The price of February futures for oil of mark WTI has grown on 0,84% — to 36,45 dollars per barrel.
The price of Brent crude during trading on Monday reached the lowest level since July 2004, having gone below $ 36.2 dollar per barrel.
Many analysts and brokers believe that the increase in US production and exports from Saudi Arabia are signs that the surplus in the market of raw materials will likely not dissipate in the near future. With the current rise in oil prices may be associated with profit from bearish bets some traders after the fall of the cost of “black gold”. At the same time, traders expect limited changes in prices in connection with the upcoming Christmas and new year holidays, causing decrease in trading volume.
On the dynamics of the market today can also be influenced by data the Ministry of energy U.S. commercial oil reserves in the country, keeping the rising prices of oil. Analysts polled by Reuters believe that for the week ended 18 December, the index increased distributed among 1.083 million barrels — up to 492,133 million barrels. Last week the oil reserves in the country grew by 4.8 million barrels, or 1%, to 490,7 million barrels.
“It seems that the market is just consolidating ahead of the publication of weekly data on reserves due to low trading volume and closing positions ahead of the holidays”, — commented on the market-channel NewsAsia Citi Futures analyst Tim Evans (Tim Evans).