The price of Brent crude settled at $47,75 per barrel

Moscow. July 13. INTERFAX.RU – oil Prices steady Thursday after rising yesterday for the third session in a row.

The cost of the September futures for Brent crude on the London ICE Futures exchange to 8:00 MSK rose to $0,01 (0,02%) to $47,75 per barrel. By the close of market on Wednesday, the futures rose $0,22 (0,46%) – to $47,74 per barrel.

Futures price for WTI crude oil for August in electronic trading on the new York Mercantile exchange (NYMEX) has also risen by this time on $0,01 (0,02%) to $45,50 per barrel. The contract rose $0,45 (1%) to $45,49 per barrel at the end of the previous session.

The oil reserves in the U.S. declined for 11 of the last 13 weeks, a decrease was the highest since September against the background of reduction of import of raw materials from Saudi Arabia and increasing exports.

As reported by the Ministry of energy, oil stocks declined last week by 7.6 million barrels. Experts polled by S&P Global Platts, on average, had forecast a decline of 2.6 million barrels.

Gasoline inventories in the US fell last week by 1.6 million barrels, distillates rose 3.1 million barrels.

While oil production in the U.S. rose by 59 thousand barrels a day (b/d) up to 9,397 million b/d.

“Oil prices will probably remain near the lower border of the current trading range as long as the volume of investment in the oil sector, as well as the volume of oil production in this country will not be reduced,” said senior investment strategist at U.S. Bancorp Wealth Management Rob Haworth.

OPEC data released yesterday, showed that the countries of the organization in June were extracted 32,611 million barrels of oil per day, compared to 32,217 million b/d produced in may 2017. Thus, installed in November the quota was exceeded by 100 thousand b/d due to the growth of production in Libya and Nigeria.