Oil becomes more expensive due to declining reserves in the United States

Нефть дорожает из-за снижения запасов в США

Brent is trading above $ 55.

Oil prices are slightly rising on Wednesday, December 21, while awaiting the confirmation of the downward trend in fuel reserves in the United States. While market activity remains low due to the approaching Christmas holidays.

So, the price of February futures for Brent crude on London’s ICE Futures exchange at 7: 00 in Kiev rose by 0.3%, to 55,50 dollars per barrel. Cost of January futures contracts of WTI crude oil during trading on the new York Mercantile exchange (NYMEX) rose 0.4% to $ 53,50 a barrel.

Market participants do not expect any significant changes until the new year, predicting prices are expected to remain in the range of 50-55 per barrel. At the same time, a reaction to higher prices in the first half of 2017 may be intensification of shale oil producers in the United States.

An important indicator of the balance of the market is further change in the level of oil reserves in the United States that may fall under the influence of growing demand and falling supply. In particular, according to forecasts, the fuel consumption is expected to grow in December due to cold weather, and analysts expect the reduction of oil reserves in the U.S. market at the end of the week.

We will remind, the world prices for oil on 20 December were down due to poor activity of traders as we approach the new year.

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According to the materials:

Interfax
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