Oil prices continue to fall due to global surplus in the market

Oil prices continue to fall due to global surplus in the market


According to the auction, the March futures price for crude oil Brent has decreased on 0,82% – to 27,65 USD per barrel. The price of March futures for oil of mark WTI fell by 0.86% to 28,11 USD per barrel.

MOSCOW, 21 Jan. World oil prices continue to decline amid a global glut on the market of raw materials, which show, in particular, data from the American petroleum Institute (API).

According to the trades, as at 12.44 GMT, the March futures price for North sea petroleum mix of mark Brent has decreased on 0,82% — to 27,65 USD per barrel. The price of March futures for oil of mark WTI fell by 0.86% to 28,11 USD per barrel.

According to API, published earlier on Thursday, oil reserves in the U.S. last week increased by 4.6 million barrels. Expected increase of 3 million barrels.

Analysts note that the oversupply of oil on the world market coincided with the economic slowdown, especially in China, one of the largest consumers of fuel. According to official data, GDP growth in 2015 slowed to 6.9% from 7.3% in 2014, which is the worst indicator for the last 25 years.

Later on Thursday, the bidders are waiting for the publication of data the U.S. Department of energy on oil reserves. According to analysts, crude inventories in the U.S. for the week ended January 15, up by 2,811 million barrels — up to 485,411 million barrels. Last week the oil reserves in the country grew marginally to fixing 482.6 mm million barrels.