Moscow. April 27. Oil prices down on Thursday, investors weighed data on the fuel reserves and production in the United States.
The cost of June futures for Brent crude on the London ICE Futures exchange to 8:07 Moscow time dropped to of $0.19 (0.37 percent) to $51,63 per barrel. By the close of market on Wednesday, the futures dropped in price by up $0.28 (0.52 percent) to $51,82 per barrel.
Futures for WTI crude oil for June on the electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time $0,26 (0,52%) – to $49,36 per barrel. At the end of the previous session, the contract rose $0,06 (0,12%) to $49,62 per barrel.
As said before, the U.S. Department of energy, the oil reserves in the country at the end of last week declined by 3.64 million barrels, the decline recorded for the third consecutive week. Experts expected reduction of stocks of 1.75 million barrels. However, oil production in the U.S. last week increased by 13 thousand barrels per day, to 9.27 million b/d.
The oil market continues to follow the statements of OPEC representatives about how there are negotiations to extend the agreement to limit production. Yesterday the Minister of energy of Saudi Arabia Khalid al-falih told reporters that this week he would hold telephone talks with his Russian counterpart Alexander Novak, and their personal meeting will be held in the next two weeks.
According to analysts of the Abu Dhabi Investment Authority Christoph rühl, oil prices could fall below $40 per barrel if the oil-producing countries agree on the extension of the agreement, since the reduction of world reserves may take at least two years, even if demand will exceed supply by 500 thousand b/d.