Oil prices have moved from growth to decline, as excess inventories of crude oil and refined products in the world continues to put pressure on prices. About it reports MarketWatch.
So, the price of October futures for Brent crude on the London ICE Futures exchange to 14:10 Moscow time fell by $0,61 (1,40%) to $42,92 per barrel. The cost of the futures on WTI crude oil for November in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time by $0.53 (1.27 per cent) to $41,07 per barrel.
At the weekend, crude oil recovered slightly after falling by 15% in July, as the decline of the dollar had a positive impact on the demand for oil futures. Along with ‘ em, the market remains in a significant surplus of oil. According to the latest assessment of the U.S. Department of energy, global oil supply outpaces demand by 200 thousand barrels per day (b/d).
In particular, production in Iran, Iraq and Saudi Arabia maintained at a high level, and soon Libya prepares to resume exports of the fuel from the main ports, previously frozen due to disagreements between government and port security. Experts point out that in June in Libya mined 332 thousand b/d vs 271 thousand in may.
In addition, according to oilfield services company Baker Hughes, the number of drilling rigs oil rigs in the USA over the past week increased by 3 – to 374 units, the highest since March.
