The price of oil stabilized near $48,6 per barrel

Moscow. On 5 November. Oil prices steady on Thursday morning after the fall yesterday, which was the most significant for a few weeks due to the increase of inventory of fuel in the U.S., reports Bloomberg.

December futures for Brent crude on London’s ICE Futures exchange to 8:46 Moscow time on Thursday rose $0,05 (0,10%) to $48,63 per barrel. By the close of market on Wednesday, the futures price fell to $1,96 (3,88%), to $48,58 per barrel.

Futures price for WTI crude oil for December in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time to $0.03 (0.06 per cent) to $46,35 per barrel. According to the results of the previous session, the contract fell in price by us $1.58 (3,3%), to $46,32 per barrel.

“The offer is sufficient. The situation in the oil market will persist in conditions of high reserves and the absence of a significant reduction in production,” said Fat Prophets analyst David Lennox.

According to the head of oil trader Vitol Group Ian Taylor, low oil prices will persist in the near future and a return to $100 a barrel may never happen.

According to yesterday’s data, U.S. Department of energy, the oil reserves in the country over the past week rose by to 2.85 million barrels – up to 482,8 million barrels, the highest level since may. The rise continues for six consecutive weeks.

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

Workload refineries in the country increased by 1.1 percentage points to 89.7 per cent.