Oil prices have accelerated the decline amid rising production in the United States


Moscow. July 7. INTERFAX.RU Oil reference marks are dramatically cheaper on Friday by the significant growth of oil production in the United States last week. The cost of the September futures for Brent crude on the London ICE Futures exchange to 14:27 MSK fell to $1,39 (2,89%) to $of 46.72 per barrel.

Futures price for WTI crude oil for August in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time for us $1.37 (2,99%) – to $of 44.16 per barrel. Since the beginning of the week Brent fell by 2.5%, WTI – by 4.1%.

According to the US Department of energy, oil production in the U.S. for the week ended June 30 increased by 88 thousand barrels per day (b/d), up to 9,338 million b/d. the previous week the index fell by 100 thousand b/d due to tropical storm “Cindy” and maintenance work on oilfields in Alaska. Meanwhile oil inventories declined last week by 6.3 million barrels, gasoline – by 3.67 million barrels, distillates – by 1.85 million barrels. The cumulative drop of reserves (13.4 million barrels) was the highest since September.

“Oil remains volatile and has been unable to maintain growth, despite a strong inventory reduction in the United States, says an analyst with HSH Nordbank AG Ian Edelman. – For rebalancing of the market requires a few weeks of significant declines in stocks in a row.”

Meanwhile, oil supplies from OPEC member countries is likely to increase in the four weeks to 22 July to 23.97 million b/d, says the report of the company Oil Movements, which tracks the movement of tankers. Meanwhile, the volume of oil stored on tankers, for the period may be reduced to the minimum since October 465,93 million barrels.

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