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Oil is growing. Brent has exceeded $ 48.4 per barrel

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Oil is growing. Brent has exceeded $ 48.4 per barrel

Oil is growing. Brent has exceeded $ 48.4 per barrel
August 31
09:00 2016

WTI and Brent, which were falling on the eve, are slightly rising during the trading session on Wednesday. According to MarketWatch, the prices decrease for the reference marks on Tuesday happened due to the reporting expectation on the number of fuel stocks in the United States. The information is expected from the US Ministry of Energy.
In the survey, conducted by S & P Global Platts, the experts make forecasts on the increase of oil reserves by 600 thousand barrels last week. They also predict that the gasoline reserves will reduce by 1.1 million barrels.

On the London Stock Exchange futures contracts for Brent raw materials for October have risen in price by $ 0.05 – to $ 48.42 per barrel to the beginning of the day. During the session on Tuesday their value has dropped by $ 0.98, finishing the bidding at the mark of $ 48.37 per barrel.

On Wednesday morning the cost of the October futures for WTI crude oil has risen by $ 0.04 – to $ 46.39 per barrel on the electronic trading on the New York Mercantile Exchange. According to the results of the previous session, the price of the contracts has fallen by $ 0.63 and at the time of the end of the session was equal to $ 46.35 per barrel. According to FactSet, it has become the minimum WTI price since 15 August.

The forecasts market continues to be influenced regarding the successful outcome of the informal meeting of the OPEC members in Algeria in September.  The negotiations on the oil production freeze are planned to be discussed at the meeting. Traders are skeptical that OPEC participants will be able to come to an agreement on the freezing of the production.

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