The price of Brent crude oil exceeded $50 on the data about reduction of stocks in USA

The price of November futures on Brent North sea auction on Thursday, September 8, broke the mark of $50. According to the London exchange ICE, 21:21 GMT the price of Brent reached $50,12 per barrel. Followed by a slight rebound, as of 21:30 Moscow time Brent is trading around $50.

The last time Brent has overcome a mark in $50 on August 26.

Earlier Thursday, the energy information administration (EIA) released data showing that commercial crude oil inventories in the United States for the week ended September 2, decreased by 14.5 million barrels. This inventory reduction was the largest since 1999. Based on the news, 8 September, oil prices gained 4%.

According to Bloomberg, the increase in oil prices that began in August of this year, partly due to expectations on the deal of the countries-exporters of oil on measures of stabilization of the market. A meeting of representatives of producing countries scheduled for September.

While Iran continues to keep investors in suspense, not giving a clear answer, whether he agrees to join the freezing of the production level, Saudi Arabia on Monday said that it wants on this issue is addition, said Bloomberg, the dollar’s decline also increases the attractiveness of oil among investors.