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The cost for Brent crude oil fell below $ 48

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The cost for Brent crude oil fell below $ 48

The cost for Brent crude oil fell below $ 48
July 13
09:00 2016

After soaring almost by 5% on Tuesday, oil started to fall again due to the information about the increase in fuel stocks at the US market by 2.2 million barrels. The information was released by the American Petroleum Institute. This is contrary to the market forecast, which expected the stocks decrease by 3 million barrels.

The strengthening of the US dollar and the desire of certain market participants to lock in profits after the price jump on Tuesday, which has been the strongest since the beginning of April, also contribute to the prices collapse. Market participants are worried about trends in the market, which are directed to different sides. At present these trends do not give a clear picture of the changes in supply and demand balance in the next few months.

On Wednesday Credit Suisse stated that it expected the price for Brent crude oil at $ 56.25 per barrel next year. The previous forecast of the bank analysts amounted to $ 54.25. On the London Stock Exchange the price of futures contracts for Brent crude oil for delivery in September has fallen by 1% – to $ 47.97 per barrel to the beginning of the day. The price of August futures contract for WTI crude oil in electronic trading on the New York Mercantile Exchange has fallen by 0.9% – to $ 46.40 per barrel by that time.

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