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The price of oil fell today , dropping to $ 96 per barrel (mark WTI), which was the lowest value since July. Note that this trend was triggered by release of data on U.S. oil reserves , which indicated the next increase .
Energy Department data on changes in stocks in the U.S. for the week October 14-20, showed that:
- Oil stocks rose 5.246 million barrels to 379.784 million barrels ;
- Gasoline inventories decreased by 1,805 million barrels . to 215.504 million barrels . ;
- Distillate stocks rose by 1.537 million barrels . to 125.774 million barrels .
- Refining capacity utilization rate 85.9 % versus 86.2 % a week earlier ;
- Oil terminal in Cushing and rose 0.358 million barrels . to 33,344 million barrels .
Recall that on Monday, the U.S. government announced that oil reserves rose by 4 million barrels in the week to October 11.
Meanwhile, we add that the data presented yesterday its Petroleum Institute API. They showed that the capacity utilization fell to 85.6 % from 86.0% , distillate stocks for the week rose by 0.815 million barrels, gasoline inventories last week fell by 0.51 million barrels, while oil stocks for the week rose by 3 , 0 million barrels
" Traders are starting to realize that it is difficult to maintain an optimistic outlook for oil prices with an increase in inventory levels ," - says the president of Strategic Energy & Economic Research Michael Lynch.
We add that the increase in oil inventories was recorded also in China - the second largest importer of raw materials. In September the index rose by 1.43 % compared with August , reaching at this level to 237.6 million barrels.
The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 96.64 a barrel on the New York Mercantile Exchange.
December futures price for North Sea Brent crude oil mixture fell $ 1.41 to $ 108.60 a barrel on the London exchange ICE Futures Europe.
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