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Brent crude oil is falling below $ 46 in anticipation of the news about the growth of the US stocks

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Brent crude oil is falling below $ 46 in anticipation of the news about the growth of the US stocks

Brent crude oil is falling below $ 46 in anticipation of the news about the growth of the US stocks
September 20
12:30 2016

Today oil is falling after the yesterday’s price hike by about half a percent. This is happening because of the signals that the surplus of raw materials on global markets remains high.

In the morning the price of futures contracts for November Brent crude oil has fallen by 0.3% to $ 45.82 per barrel on the London Stock Exchange.

The cost of the October futures contracts for WTI crude oil has decreased by 0.5% to $ 43.08 per barrel on the New York Mercantile Exchange (NYMEX).

Before the publication of the official information from the Ministry of Energy, S & P Global Platts Agency gave their assessment of the increase of raw material stockpiles in the United States by 2.8 million barrels last week. According to experts, this can be connected with the reduction of the raw material supply to the US refineries. Bloomberg Agency conducted a survey among the analysts and it pointed to the possibility that the growth could be even higher – more than 3.1 million barrels.

Venezuelan Energy Minister, Eulogio Del Pino, answering the questions of journalists, announced the evaluation of the supply in the oil market at 10% or 9 million barrels a day.

According to media reports, some countries are actively increasing the production. Nigeria is also among these countries.

At the end of the last week Nicolas Maduro, the Venezuelan president made a statement that the oil-producing countries were “close” to an agreement on the oil freeze. He reported that those countries could start speaking about the agreement very soon in September. Nevertheless, the market has not been certain yet that the OPEC countries and Russia will be able to reach an agreement. Especially, the oil freeze implementation is not enough to make prices stronger in the situation of the stable overproduction.

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