Brent crude oil becomes cheaper by more than 3%

Brent crude oil becomes cheaper by more than 3%


The March futures price for North sea petroleum mix of mark Brent has fallen on 2,76% – to 31 dollars per barrel. Earlier it fell more than 3% to 30,77 USD per barrel.

MOSCOW, 12 Jan. World oil prices on Tuesday moved to reduce, as investors again turned attention to the issue of the overabundance of raw materials on the market, and also due to the appreciation of the us currency; the price of Brent crude oil WTI following the brand depreciates more than 3%, according to AFP.

As at 19.38 GMT the March futures price for North sea petroleum mix of mark Brent was down 3.61 per cent to the dollar 30,73 per barrel. The price of February futures for oil of mark WTI fell 4.01% to of 30.15 per barrel.

Oil prices fall steadily for about 18 months because of the glut in the oil market and a high level of production of “black gold”. The rising dollar and falling stock markets worldwide, particularly in China, has raised questions about whether the demand will increase fast enough to outweigh the offer.

The strengthening U.S. currency makes oil and other dollar-denominated commodities more expensive for holders of foreign currencies, and commodity prices fall. The dollar index (the dollar against a basket of currencies of six major U.S. trading partners) grew by 0.29% to 99.1 per item.

According to the analyst Schork Group Inc Stephen Sarka (Stephen Schork), more importantly, all the bearish factors of oversupply and slowing global growth are still present. He noted that last week the financiers in the stock market game to bet on falling oil prices, writes the newspaper the Wall Street Journal.