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Brent crude oil has fallen in price because of the concern about the supply growth

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Brent crude oil has fallen in price because of the concern about the supply growth

Brent crude oil has fallen in price because of the concern about the supply growth
September 16
09:00 2016

Oil quotes are falling at the beginning of Friday, expecting the growth of raw material exports from the United States, Libya and Nigeria. The increase in the supply of oil from the United States, Libya and Nigeria can strengthen the oversupply in the market.

The price of futures contracts for Brent crude oil for November has fallen by 0.7% to $ 46.26 per barrel to the beginning of the day on the London Stock Exchange.

To this time October futures for WTI crude oil have fallen by 0.7% on electronic trading on the New York Mercantile Exchange. The cost was $ 43.61 per barrel.

The publication of the information from Baker Hughes about the number of the US drilling rigs is expected tonight. These data have been increasing for two months in a row. Now the market attention is focused on other signals, which are associated with an increase in oil production in the United States, Canada and Kazakhstan.

On the eve Libya and Nigeria made a statement that they intended to increase the volume of exports on the global market, which had fallen because of the armed conflict. NOC, National Oil Corporation of Libya, previously cancelled the restrictions on the supply of raw materials from the ports of Ras Lanuf, Es Sider and Zuetina. In general, the power of these ports in perspective is 300 thousand barrels per day.

The US oil company ExxonMobil said that it was planning to restore the oil export of Qua Iboe brand mark from Nigeria (this oil grade is the most produced in the country). The volume of oil exports to the global market was equal to 340 thousand barrels per day in 2015.

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