Brent crude oil has exceeded $ 52 due to the information about the fall of the US inventories
During the session on Wednesday, oil is rising in price by almost 1% after the release of the data on the fall of the commodity stocks in the United States market as well as against the background of the OPEC optimistic view of the prospects for the conclusion of an agreement on the reduction of the oil production.
At the beginning of the day the price of futures contracts for Brent crude oil has increased by 0.9% , amounting to $ 52.14 per barrel on the London Stock Exchange.
At the same time the price of the November contract for the US WTI crude has risen by 0.9%, amounting to $ 50.76 per barrel during the bidding process on the New York Mercantile Exchange.
According to the American Petroleum Institute, last week the oil reserves in the United States decreased by 3.8 million barrels. The official information about the amount of reserve stocks will be announced tonight. The market expects an increase of the stocks index.
Mohammed Barkindo, the OPEC Secretary- General, expressed his optimism about the prospects of concluding the agreement among oil producing countries. Barkindo also expressed his confidence that Russia would “send high-level representatives to take part in the meeting on October 29.”
The Chinese economy is growing according to the data that were published on Wednesday. This growth has coincided with forecasts and became equal to 6.7% in the III quarter. The growth of the Chinese economy has become a positive factor for the oil market.
In September China increased the oil production by 2.4% when compared to the same period last year. At the same time the oil production dropped by almost 10%.
According to experts, if there are no negative signals, the quotes will show fluctuations within the current index until the end of November, when the OPEC conference will take place.