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The price for Brent crude oil has fallen to its minimum over the past six months

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The price for Brent crude oil has fallen to its minimum over the past six months

The price for Brent crude oil has fallen to its minimum over the past six months
March 22
17:00 2017

Quotes for oil continued to fall. On Wednesday, during the trade the price for Brent crude oil overcame the psychological mark of 50 dollars per barrel.

The trend is likely to continue. This is primarily due to the publication of the report on crude oil reserves in the United States. According to the figures released by the US Department of Energy, the US oil stock is estimated at 533.11 million barrels. This is more than the previous figure by 4.954 million barrels. The S & P Global Platts agency interviewed the experts of the oil market and, according to the survey the approximate growth of oil reserves for the past week is 2 million barrels.

The price of the May futures for Brent crude oil on the ICE Futures Exchange is up to $ 49.95 per barrel. The price of May futures for WTI crude oil on the NYMEX exchange fell to $ 47.29 per barrel.

Such a behavior of oil prices has had an effect on the foreign exchange market. Thus, the Russian ruble showed a decline and the trend is likely to continue.

The material was prepared with the participation of Inna Dobrinina,
a leading analyst of the brokerage company VOSPARI.

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