World oil prices during the trading day on Wednesday continued to decline amid the American petroleum Institute (API) about increase of reserves of “black gold” in the United States.
As of 14:10 MSK, the price of October futures for North sea petroleum mix Brent fell 0.16% to $44,91 per barrel, the price of the September futures on WTI oil declined by 0.49% to $42,56 per barrel, according to PRIME.
According to the API, oil stocks in the U.S. rose for the week ended August 5, 2.1 million barrels. The analysts expected reduction of stocks.
It reminds the analyst of “Alpari” Vladislav Antonov, the day before “bidding for Brent crude ended lower by 0.42 percent.” “The buyers failed to get close to $46. The price went back to $44,75 $of 45.73 per barrel. Oil fell in response to the forecast published by the US Department of energy (EIA). The Agency has lowered the target price of Brent crude in 2016 to $41,6 per barrel, and raised its forecast for average production volume in the country in 2016 to 8.73 million from 8.6 million barrels per day in July,” says the review expert.
He points out that today “the focus of the market participants, data on stocks of oil and oil products from US Department of energy”.
