The world price of oil during trading on Friday once again began to decline, exacerbated fears of an oversupply of raw materials on the market.
As 07.48 GMT the cost of October futures for North sea petroleum mix of mark Brent has decreased on 0,99% – to 43.85 dollars per barrel. Price of the September futures for WTI decreased on 0,91% – to 41.55 per barrel, reports RIA “Novosti”.
Before oil prices went up 2.5%, reflecting the data of U.S. Department of energy on the reduction of extraction of raw materials and gasoline stocks in the country. Oil production in the U.S. last week, according to the Ministry, declined by 0.64%, or 55 thousand barrels a day to 8.46 million barrels per day. Gasoline inventories in the United States decreased significantly by 3.3 million barrels to 238,2 million barrels.
While commercial oil stocks in the United States (excluding strategic reserves) for the week increased by 1.4 million barrels – up to 522,5 million barrels, while it was forecast to fall by 1.36 million barrels.
Analysts say that a glut of the market of oil products continued to weigh on prices, and the expectation of weak demand for raw materials from China has exacerbated the negative sentiment. “In the short term oil imports from China will remain sluggish due to a combination of factors” – analysts BMI Research, an opinion which leads Reuters.
Later on Friday, investors expect the weekly statistics on the number of oil and gas rigs in the United States from Baker Hughes. A week earlier, the number of installations in the country increased by 1 unit and amounted to 463 units.
