The price of Brent crude has fallen 5% on production statistics in United States


The cost of North sea Brent during trading on the London exchange ICE on Wednesday, July 13, lost of 5.05% in comparison with the open rates, according to data exchange.

The drop in prices began at about 17:30 GMT. Approximately an hour, a barrel of Brent fell by more than $1.5. At a minimum, at 21:13 MSK barrel of Brent cost $46,12, whereas at the opening of trading per barrel Brent gave $48,07. 21:40 GMT it was trading at $46.3 per barrel.

The cost of WTI at the same time, fell during today’s trading on 4,04%. At a minimum, at 21:00 MSK, it cost $44,06 per barrel.

According to The Wall Street Journal, the decline in oil prices occurs, in particular, on the background data of the energy information Administration (EIA), which showed that the total volume of oil production in the U.S. last week rose slightly, as increased production in Alaska exceeded the decline in production in the 48 States.

Traders are closely watching the manufacturing data in the US that can serve as the primary indicator, while globally, oil supplies are declining, notes the WSJ.

Earlier, the International energy Agency (IEA) in its monthly report said that oil reserves and petroleum products in developed countries reached a record level at the end of may and probably will rise again in June. “The tone of the report, the IEA, of course, is very negative,” — said the publication of Deutsche Bank analyst Michael Xue.