Oil prices rose after two days of heavy recession

Oil prices rose after two days of heavy recession

Moscow. On 6 November. The oil imports are rising on Friday after falling the previous two sessions was the highest for three weeks, reported Bloomberg.

December futures for Brent crude on London’s ICE Futures exchange to 8:11 Moscow time has risen in price to $0.28 (0,58%) – to $48,26 per barrel. At the auction on Thursday and their cost has fallen by $0.6 (1,24%), amounting to $47,98 per barrel.

Futures prices for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) on Friday morning increased to $0,25 (0,55%) to $45,45 per barrel. At the same time close the previous session, the contract price fell by $1.12 (2.42 per cent) and amounted to us $45.2 per barrel.

Since the beginning of the week Brent fell by 2.6%, WTI – by 2.4%.

“The market needs to see some significant shifts from supply,” says chief analyst at CMC Markets, Michael McCarthy, expecting that WTI will trade around $43-50 per barrel. “If nothing changes, it’s more likely that oil will become cheaper, and prices will go below this range,” – he added.

Oil reserves in the U.S. last week rose by to 2.85 million barrels – up to 482,8 million barrels, the highest level since may, reported earlier the Ministry of energy of the country. The rise continues for six consecutive weeks.

In addition, oil production in the U.S. increased by 48 thousand barrels per day (b/C) – 9,16 million b/d.