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Brent oil tumbled below $40 a barrel

Нефть Brent обвалилась ниже $40 за баррель

World prices for “black gold” are falling today during trades on the London and new York stock exchanges.

Futures for oil of the reference Brent crude for delivery in may on London’s ICE Futures exchange fell by 1.56 per cent — below the psychological milestone of $40 to $39,83 per barrel. The may futures for light oil of mark WTI on the new York Mercantile exchange (NYMEX) fell 1.18% to $39,32 per barrel, reports “Газета.Ru”.

As analyst GK Forex Club Valery Polkhovsky, “oil prices principal reference varieties were under pressure in recent days as oil reserves data from the U.S. was unexpectedly weak.”

On the eve of “Agency U.S. energy information (EIA) in its traditional weekly report on commercial stocks in previous week recorded growth stocks in the United States at 9.4 million barrels to 532,5 million”, and “it was much above median forecasts and was one of the most significant increases over the last six months”, says the expert’s comments.

“Data from EIA literally shocked the market. American oil industry is now gearing up for the holiday season. During this period, the demand from refineries increases, and the stocks tend to decline. Market participants considered the possibility of their increase of 1-2 million barrels, but not at 9 million. Accordingly, prices were under pressure. However, it should be noted that the scale of their drop is not as significant as he could be. The contract has lost around 3%, although in December the news might be cheaper on all of 6-7%,” — emphasizes Polkhovsky.

He also points out that “the news background of the oil market somewhat worse”. “News about the meeting of OPEC and non-OPEC are already built into the price and can act as a driver for growth. However, to strengthen them need not have expectations, but actual data that can honk on the possible elimination of the imbalance between supply and demand,” adds the analyst.

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