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Oil futures fell after a government report showed that inventories unexpectedly rose last week.
The Department of Energy said that inventories increased by 1.99 million barrels to 359.1 million level during the seven days that ended on September 7. Many analysts predicted that stocks fell by 2.9 million barrels.
Yesterday the American Petroleum Institute said yesterday that inventories rose by 221,000 barrels last week to the level of 359 million.
Futures also declined after the International Energy Agency said in its monthly report that world stocks have become more stable. It also said that OPEC increased production by 45,000 barrels a day last month to 31.55 million, which is down 450,000 more than required per day in the quarter, and 950,000 a day more in the fourth quarter.
The agency also maintained annual forecasts for deliveries outside of the organization intact. Non-OPEC producers such as Brazil, Canada and Russia will maintain production at 700,000 barrels per day.
According to the agency, the reserves of the oil industry in the developed countries had fallen below their five-year average in July, to the level of 2.7 billion barrels, an increase of approximately one half of the normal amount for the month, which is about 58.3 days of consumption, which is 0.6 days more than a year ago.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $97,22 per barrel.
October futures price of North Sea Brent crude oil mix is now $115,91 a barrel on the ICE Futures Europe Exchange.
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