Brent is falling to $ 49 because of the news about the stocks growth in the USA
On Thursday oil has been stable at the week’s minimum level which it got on Wednesday. This happens against the background of news pressure that indicates the continuing oversupply in the market.
According to the information of the US Department of Energy, which was published on Wednesday, oil inventories rose by 2.5 million barrels last week, while the experts predicted the decline by 850 thousand on the average. At the same time gasoline inventories have increased by 36 thousand barrels and distillates – by 122 thousand barrels. Also, oil reserves in the United States have been 8 percent above the levels of previous years before the end of the massive summer trips season.
Producing countries are keeping a high level of the production. The refineries operate at full capacity, maintaining an excess supply of petroleum products. On the London Stock Exchange the price of October futures contracts for Brent crude oil have fallen by 3 cents – to $ 49.02 per barrel.
Futures for WTI oil for October have risen by 2 cents – to $ 46.79 per barrel on electronic auctions on the New York Mercantile Exchange.