Oil prices are sharply reduced
Brent crude in London fell $1,72, and the price of WTI in new York fell $1,62.
World oil prices reference marks accelerated the decline on reduced fears of a fuel shortage on the market. This according to the auction on Tuesday evening, November 6.
So, the price of January futures for North sea Brent crude on London’s ICE Futures exchange 20:20 in Kiev fell to $1,72 (2,35%) – to $71,45 per barrel.
In turn, the price of oil WTI for December delivery in electronic trading on the new York Mercantile exchange (NYMEX) Upasana of $1.62 (2,57%) – to $of 61.48 per barrel.
As reported, the U.S. government made a temporary exception for China, India, Italy, Greece, Japan, South Korea, Turkey and Taiwan, allowing them to continue to import oil from Iran. They will not be subject to sanctions, which came into force on Monday, 5 November.
Also market participants are waiting for data of US Department of energy about fuel stocks in the country, which will be released on Wednesday. Analysts expect they will rise for the seventh time in a row – this time by 2 million barrels.
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