Oil prices fall after strong growth ahead

Oil prices fall after strong growth ahead


The cost of April futures for oil of mark Brent has decreased on 0,96% and amounted to 33.6 dollars per barrel. Earlier Wednesday, oil prices showed growth of 5% on the statement of the head of “Transneft” Nikolay Tokarev.

MOSCOW, 28 Jan. World oil prices on Thursday morning went to decrease after a sharp rise the previous day, the pressure on the quotes of my posts the U.S. Department of energy on oil reserves in the country, according to AFP.

As of 07.20 GMT the price of April futures on North sea petroleum mix of mark Brent has decreased on 0,96% — to 33.6 dollars per barrel. The price of March futures for oil of mark WTI fell by 1.15% to 31,92 USD per barrel.

On Wednesday, the rise in oil prices was 5% with the support statements of the head of “Transneft” Nikolay Tokarev. According to him, Saudi Arabia has proposed an initiative to lead a meeting of oil-producing States on the situation in the oil market and discuss the possibility of reducing its production. The OPEC meeting, he said, could be held in February.

On Thursday, a bearish correction in the market of “black gold” is supported by the message the U.S. Department of energy that crude inventories in the U.S. last week increased by 8.4 million barrels, or 1.7%, to 494,9 million barrels. Analysts expected growth of only 3,277 million barrels.

“We’re pretty skeptical about a further rise in prices, given the current weak fundamentals”, — quotes Reuters analyst Phillip Futures Daniel Anga (Daniel Ang).