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Brent is increasing in price up to $ 47.4 per barrel

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Brent is increasing in price up to $ 47.4 per barrel

Brent is increasing in price up to $ 47.4 per barrel
July 21
10:30 2016

Oil quotations continue to show the growth on Thursday after the publication of the data on raw materials supplies at the US market. The supplies have been falling for nine weeks in a row. The negative factor for the market is the increase in oil supplies, despite the fact that at a given time there is a peak of the travel season by cars in the US. In addition, there is the tendency to increase the extraction of raw materials in the USA. Also, despite the decline, the oil reserves in the total amount are stable at historic highs.

By the beginning of the day the cost of futures contracts for Brent oil with the supply in September has increased by 0.5% up to $ 47.39 per barrel on the London Stock Exchange. The price of August futures for WTI crude oil during the session on the New York Mercantile Exchange has grown by 0.5% to $ 45.96 per barrel by this time. According to the United States Department of Energy, the reserves of “black gold” fell by 2.34 million barrels for the week that ended on 15 July. The rate of oil supplies decline in the USA exceeded the forecasts of experts. Analysts’ consensus forecast for the S & P Global Platts questioning provided their decline by 1.25 million barrels.

The information of the United States Department of Energy coincided with a report of the American Petroleum Institute (API), which on Wednesday announced the reduction of oil reserves in the country by 2.3 million barrels within a week. The extraction of raw materials in the United States has increased by 9,000 barrels to 8.49 million per day this week.

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