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Brent has grown to $ 46 on fears about the growing supply

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Brent has grown to $ 46 on fears about the growing supply

Brent has grown to $ 46 on fears about the growing supply
September 15
09:00 2016

“Black gold is slightly increasing in price on Thursday morning after it lost 3 percent the previous day. The market is concerned due to the fact that the supply will continue to increase and this, in its turn, can put pressure on prices. The Ministry of Energy has recently published the information, from which it became known that reserve stocks of oil in the US during the last week had fallen by 559 thousand barrels. S & P Platts carried out the survey of experts, and they gave the forecast of the stocks growth by 3.3 million barrels.

Over the past week the reserve stocks of gasoline in the United States have increased by 567 thousand barrels. Distillate stocks have soared by 4.62 million barrels. Accordingly, the increase in stocks of petroleum products has exceeded the reduction in oil reserves. At the same time, most experts note that the decline in stocks of raw materials with the same reduction of oil reserves was dependent on temporary factors.

Libya is going to raise the level of exports to the global oil market after the capture of the oil terminal by the pro-governmental troops. Nigeria is also restoring the oil production.

On the London Stock Exchange November futures for Brent crude oil have jumped in price by 0.6% – to $ 46.11 per barrel.

By this time oil prices of October futures for WTI have risen by 0.3%, to $ 43.71 per barrel on trading on the New York Mercantile Exchange.

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