Oil slips for second consecutive week

Нефть дешевеет вторую неделю подряд

WTI fell for eight consecutive sessions, which is the long period of falling prices in 2014.

Oil prices in Asian trading on Wednesday, 7 November continued to decline after the publication of industry data on regular increase of inventories of fuel in the United States.

So, the price of January futures for Brent on London’s ICE Futures exchange has decreased on 0,18% – to $72 per barrel. The cost of the futures on WTI for December in electronic trading on the new York Mercantile exchange (NYMEX) decreased by 0.51% to $61,89 per barrel.

It is worth noting that WTI fell for eight consecutive sessions, which is the long period of falling prices in 2014.

Market participants expect that supply shortages will not in the conditions of growth of oil production in the United States and several exceptions to the Iranian sanctions, allowing Tehran to continue production and export of oil.

As it became known from a report of the American petroleum Institute (API), oil stocks in the U.S. for the week ended 2 November, surged to 7.83 million barrels. API reported an increase in reserves for a fifth consecutive week. The official data of the U.S. Department of energy will also be released today at 17: 30 Kyiv time.

Recall, the US 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 5 November.


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