Oil prices continue to rise because inventory in the United States

Цены на нефть продолжают расти из-за запасов в США

Oil prices topped $ 79 per barrel

Last week the oil reserves in the U.S. fell by 8.64 million barrels, a record pace since July.

On Wednesday, September 12, the oil reference marks continues to rise after the jump the day before, caused by the strong reduction of stocks of fuel in the United States. This writes Interfax-Ukraine.

The price of November futures for Brent on London’s ICE Futures exchange rose $0,26 (0,33%) – to $79,32 per barrel. On Tuesday, the contract rose $1,69 (2,18%) to $79,06 per barrel.

The cost of the futures on WTI for October in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time for 0.61 $(0,88%) – to $69,86 per barrel. Yesterday the contract jumped $1,71 (2,53%) – to $of 69.25 per barrel.

According to the American petroleum Institute (API), oil stocks in the US fell last week by 8.64 million barrels, a record pace since July.

Meanwhile, before the Ministry has lowered the forecast of oil production in the United States in 2018 to an average of 10.66 million barrels a day from expected 10.68 million b/d. Forecast for 2019 degraded to 11.5 million b/d from 11.7 million b/d.

Market participants are watching the hurricane Florence, approaching the coast of North Carolina. While it is more than 1 thousand kilometers from the coast and can reach it on Thursday evening or Friday morning. From the coast evacuated about 1 million people in the region is expected to 75 cm of precipitation and the increased threat of flooding.

Bad weather not likely to affect the oil platforms in the Gulf of Mexico and refineries in Louisiana, however, may damage the Colonial pipeline in which gasoline and diesel fuel comes from Houston to new York that threatens the disruption of fuel supplies.

Earlier, analysts noted that oil prices are rising because of risks to oil production in Libya, dolgosrochnoi about the sharp reduction in supply from Iran as well as news about the strengthening hurricane Florence.

 

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