The price of oil is falling on the background of API and the news from Iran

The price of oil is falling on the background of API and the news from Iran


The cost of futures for oil of mark Brent has decreased on 0,55% – to 32,54 USD per barrel. The price of futures for oil of mark WTI fell by 0.49% to 29,73 USD.

MOSCOW, 3 Feb. World oil prices on Wednesday continued to decline, reflecting the data of the American petroleum Institute (API), reported the growth of reserves of “black gold” in the USA last week, as well as responding to messages from Iran’s intention to increase the volume of daily oil exports since March, according to AFP.

As at 08.37 GMT April futures price for North sea petroleum mix of mark Brent has decreased on 0,55% — to 32,54 USD per barrel. The price of March futures for oil of mark WTI fell by 0.49% to 29,73 USD per barrel.

The American petroleum Institute (API) earlier in the course of trading reported on the growth of oil reserves in the U.S. last week by 3.8 million barrels. Although the figure was lower than analysts ‘ forecasts, expecting growth in reserves of 4.8 million barrels, the report continues to testify to the preservation of the excess supply in the market.

In addition, investors react to news from Iran, where the managing Director of National Iranian oil company on Tuesday announced the country’s intention to increase oil exports from March of the current year to 2.3 million barrels per day. In January oil exports by the Iranian side was 1.5 million barrels per day in February, the index is expected to average 1.44 million barrels per day.

“Oil prices went down again. Some time their movement will be zig-zag,” he said in an interview with Reuters risk Manager of the oil market Mitsubishi Corp. Tony Noonan (Tony Nunan).

In the centre of attention of investors today, data are also weekly review of the energy information administration of the U.S. Department of energy. According to analysts, crude inventories in the United States (excluding strategic reserves) for the week ended January 29, increased by 4,733 million barrels — up to 499,6 million barrels.