Moscow. December 30. Oil prices falling on Wednesday on concerns that fuel supplies in the U.S. rose last week, Bloomberg reported.
The cost of the February futures for Brent crude on London’s ICE Futures exchange by 13:46 GMT decreased by $0,69 (1,83%) – to $37,1 per barrel. Futures price for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time at $0.99 (2,61%) – to $36,88 per barrel.
From the beginning, WTI fell by 29%, Brent by 34%.
According to the forecasts of experts surveyed by Bloomberg, inventories of crude oil in the U.S. for the week ending December 25 fell by 2.5 million barrels. Meanwhile, according to the American petroleum Institute (API), which collects data on a voluntary basis, for last week the oil reserves in the country increased by 2.9 million barrels.
The Ministry of energy will publish the official data at 18:30 GMT on Wednesday.
“Oil is cheaper on the API data, as well as the market liquidity is low, for a significant jump of quotations does not require much, said ABN Amro Bank economist Hans van Cleef. – Now the level of pessimism among investors are so high that oil will probably stay cheap for at least the greater part of 2016”.
According to Bloomberg, for the week ended 18 December, oil production in the U.S. fell to 9.18 million barrels a day.