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The price of oil fell moderately today , having fallen at the same time to the lowest level in more than four months on speculation that U.S. crude inventories increased last week , which could become the seventh consecutive weekly increase .
Experts expect that tomorrow's report from the Energy Information Administration show that U.S. crude inventories last week rose by 2.2 million barrels - up to 386.1 million barrels , while stocks of fuel fell by 400,000 barrels, while distillates - by 1.5 million barrels. Note that in the past months , oil production in the U.S. rose to a 24- year high , while the idle plants for maintenance, and that reduced the demand for crude oil.
"The dynamics of prices relatively restrained . Minimal movement in the market may be related to the desire of investors to wait until the release of weekly U.S. Energy Department report , which will give them information about the stocks in the country ," - said the head of the investment department of Phillip Futures Theo Sai Hwa .
In addition, many market participants continue to pay attention to the news from Libya, which in the coming days plans to restore the terminal Hariga oil exporter . Currently, the country is gradually restoring the volume of oil production and exports after the closure of facilities in connection with the armed conflict.
We also add that today, Goldman Sachs analysts downgraded forecast of oil production in the OPEC countries for the current year by 190 thousand barrels per day in connection with possible supply disruptions from Libya. The medium-term outlook for the bank's cost of Brent crude oil is left at $ 110 per barrel.
However, adding that a further drop in oil prices supported the European Commission forecasts that the growth of real GDP in the euro area in 2015 accelerated to 1.7 % from 1.1% in 2014. In 2013, the rate will be reduced by 0.4 %. At the same time, the regulator expects to reduce the level of public debt in the region in 2015 to 95.4% of the region's GDP from 95.9 % of GDP in 2014.
The cost of the December futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 93.60 a barrel on the New York Mercantile Exchange.
December futures price for North Sea Brent crude oil mixture fell $ 0.39 to $ 105.77 a barrel on the London exchange ICE Futures Europe.
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