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Oil quotes have started to grow again after the previous fall

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Oil quotes have started to grow again after the previous fall

Oil quotes have started to grow again after the previous fall
September 02
09:00 2016

To the beginning of the session the quotations of futures for November contracts have grown by $ 0.31 and became equal to $ 45.76 per barrel on the London Stock Exchange, while they dropped in price by $ 1.44 to $ 45.45 per barrel to the end of the yesterday’s session.

The October futures for WTI have increased by $ 0.29 – to $ 43.45 per barrel on electronic trading on the New York Mercantile Exchange. According to the result of Thursday’s trading, the contract has become cheaper by $ 1.54 – to $ 43.16 per barrel.

WTI has been falling for 4 trading sessions in a row. The benchmark has lost in total 9.4%. This has become the most significant drop in price since February.

Raw materials are becoming cheaper because of the information about the increase of the US reserves and the weakening of forecasts about the fact that oil-exporting countries will be able to agree to freeze the oil production at the September meeting of the OPEC members in Algeria.

The raw materials stocks have increased by 2.3 million barrels in the US for the last week. This is the datum of the United States Department of Energy. According to the survey of the experts, which was conducted by The Wall Street Journal, the average forecast of the stocks growth is by 1.2 million barrels.

The previous day Alexander Novak, Minister of  Energy of the Russian Federation, made a statement that Russia did not consider the limitation of oil production  to be a rational step in terms of current prices.

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