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On Thursday Brent costs $ 50 per barrel

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On Thursday Brent costs $ 50 per barrel

On Thursday Brent costs $ 50 per barrel
October 27
10:30 2016

On Thursday the cost of Brent has fixed at the mark of about $50 after the differently oriented vibrations. Earlier the prices soared because of the information about the steep decline of the US raw material stocks. Then they fell due to the fact that there were doubts in the market that producing countries would restore the balance of supply and demand.

To the beginning of the day futures contracts for Brent crude oil for December have increased by 7 cents and amounted to $ 50.05 per barrel on the London Stock Exchange.

For the same period the contracts quotes for the US WTI crude oil for December have increased by 6 cents to $ 49.24 per barrel during the bidding process on the New York Mercantile Exchange.

According to the US Department of Energy, last week the raw material stocks in the country fell by 553 thousand barrels. It was when the analysts made the forecast about the growth of the stocks by 2.1 million barrels. The analysts were interviewed for the poll conducted by The Wall Street Journal. The distillate stocks in the United States have fallen by 3.35 million barrels, while gasoline stocks have fallen by 1.96 million barrels. Meanwhile, the stocks fall happened mostly on the west coast of the country and that practically doesn’t change the situation in the market. The production of the black gold in the United States again has increased over the week.

“Investors are not sure whether OPEC will implement in practice its preliminary agreement on the reduction of the production.”, – reported ANZ experts, evaluating the general mood of the market participants.

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1 Comment

  1. Natali
    Natali October 27, 19:09

    The decision of the OPEC to reduce the production has become a pleasant surprise for the world oil market. But it is still unknown what countries, when and to what volume they will cut the production. This will be discussed at the OPEC meeting in November. So, we are waiting for the news!

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