Yesterday, the US published a report on energy reserves in the country. It turned out that over the week those stocks had increased significantly. Due to this fact oil quotes dropped.
Over the past seven days, commercial reserves of “black gold” have increased 10.5 million barrels. Over the past two and a half years, this jump in stocks is the maximum. The stock growth has been recorded for the fifth week in a row that means that the market is under “bearish” sentiment.
The official data of the US Department of Energy will be released today. It is unlikely that they will differ significantly from the figures of the American Petroleum Institute.
Many analysts agree that reserves will not decrease significantly in the near future, since the poor state of the world economy leads to the stagnation of global demand for hydrocarbons.
December futures for Brent crude oil fell to 58.95 US dollars per barrel (0.79% or 0.47 US dollars). This trend could be seen on the London Stock Exchange about half an hour ago. During the previous session, the price of Brent grew by 1.16% and closed at a value of $ 59.42.
On NYMEX, WTI futures for November have dropped to the level of 52.83 US dollars (0.99% or 0.53 US dollars). At yesterday’s trading session, this brand also showed significant growth. The price of one barrel rose 1.04% or $ 0.55 and stopped at $ 53.36 per barrel.
Despite yesterday’s growth, weekly figures are far from optimistic: Brent has fallen 1.8% since the beginning of the week, WTI – 2.4%.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group