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Brent crude oil has risen in price to $ 47.22 per barrel because of the information on the US stocks

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Brent crude oil has risen in price to $ 47.22 per barrel because of the information on the US stocks

Brent crude oil has risen in price to $ 47.22 per barrel because of the information on the US stocks
September 14
09:00 2016

On Wednesday morning oil quotes are growing because of the published information from the American Petroleum Institute (API) that reserve stocks of raw materials in the US had grown by 1.4 million barrels over the past week. This is 2.5 times less than it was predicted by market participants.

At the moment the market is waiting for an official report on fuel inventories in the United States. This information will be published on Wednesday in the afternoon. Most experts believe that the collapse of the US oil last week, which has become an unprecedented one since 1999, was triggered by one-off factors. The next report of the Ministry of Energy may show the inventories increase by 3.3 million barrels.

Earlier the resource fell in price by 2.5%. This happened after a pessimistic forecast of the International Energy Agency (IEA) and the statement of Libya about the planned increase in oil exports.

To the beginning of the day futures contracts for Brent crude oil for November have risen by 0.2% and amounted to $ 47.22 per barrel on the London Stock Exchange.

By this time the price of October futures for the US WTI crude oil has increased by 0.5% to $ 45.11 per barrel on electronic trading on the New York Mercantile Exchange.

On Tuesday the IEA worsened the forecast of the increase in oil demand this year by 100 thousand barrels per day (b / d), voicing the indicator of 96.1 million b / d. The forecast for 2017 was reduced by 200 thousand b / d -. 97.3 million b / d. The IEA analysts consider that the oil supply in the global market will exceed the demand at least until the end of the first half of 2017.

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