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Oil prices have grown because of the US stocks reduction

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Oil prices have grown because of the US stocks reduction

Oil prices have grown because of the US stocks reduction
September 08
09:00 2016

On Thursday the oil price has jumped up because of the information about the sudden fall of raw material stocks in the US market. The information was released by the American Petroleum Institute (API) the previous evening. “Black gold” prices have risen by 1.5%. The cost of Brent crude oil has amounted to $ 48.6 per barrel.

According to the American Petroleum Institute, the US reserve stocks of oil fell by 12.1 million barrels last week. This fact is contrary to all the forecasts that were made earlier.

The data publication on oil reserves by the US Department of Energy is expected on Thursday. Nevertheless, experts are expecting the growth of this indicator, the level of which is rather high.

The information from China also tells us about the increase in raw materials demand. China increased its crude oil import by 5.7% last month compared to July. Earlier the supplies were only decreasing.

To the beginning of the day the price of futures contracts for Brent crude oil for November has increased by 1.35% – to $ 48.63 per barrel on the London Stock Exchange.

The cost of the October futures for WTI oil has risen by 1.6% – to $ 46.21 per barrel on the trading floor of the New York Mercantile Exchange.

At the end of the last week Russia and Saudi Arabia made an announcement regarding a joint agreement. Its purpose is to stabilize the oil market. Nevertheless, the countries have not offered a clear plan on oil freezing. In its turn this has not given a hope for market participants and left a price increase for the futures without support.

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