Oil prices have accelerated the drop on US data

Цены на нефть ускорили падение на данных из США

Due to the sharp growth of inventories in the U.S. Brent crude dipped below $ 80 per barrel.

World oil prices have accelerated the fall on Wednesday, October 17, on data from the U.S. Department of energy to increase substantially the reserves in the United States, writes Interfax-Ukraine.

So, December futures for Brent crude on London’s ICE Futures exchange fell $1,91 to $79,5 per barrel.

The cost of the futures on WTI for November in trading on the new York Mercantile exchange (NYMEX) decreased by $2,12 to $69,8 per barrel.

As it became known from the report of the US Department of energy, commercial oil reserves in the United States last week jumped by 6.49 million barrels.

Gasoline inventories in the United States, according to the energy Ministry, declined by 2.02 million barrels, distillates – by 830 thousand barrels. Analysts were expecting a decrease of the first rate of 1.52 million barrels, the second – 1.5 million barrels.

Stocks at the terminal in Cushing where NYMEX-traded oil prices rose by 1.78 million barrels.

Meanwhile, the production volume in the country fell by 300 thousand barrels per day due to the shutdown of platforms in the Gulf of Mexico in anticipation of hurricane Michael.

Exports of refined petroleum products last week jumped to a record level since April, exports of gasoline have recorded the third highest value in history.

Note, Brent crude fell by 4.4% at the end of last week, which was a significant drop from April, the cost of WTI fell by 4%. Falling prices of both contracts was the first in five weeks and is due, among other factors, with the total collapse of risky markets.

 

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