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The cost of oil futures declined moderately , as market participants continue to analyze yesterday's report on oil . Recall that, according to the Energy Information Administration , oil stocks rose by 4 million barrels to 374.500 million in the week ended Oct. 11. It should also be noted that many market participants are waiting for tomorrow's report on reserves , which is projected to show that oil stocks last week rose again , which could become the fifth consecutive weekly increase .
According to analysts , the value of WTI crude oil will continue to decline until the end of this year on rising U.S. inventories , easing tensions in Iran and the establishment of an interim agreement on the debt ceiling by U.S. politicians.
Add that little support prices today have news about the deterioration of relations between the United States and a key oil producer in OPEC - Saudi Arabia. As the head of Saudi intelligence Prince Bandar bin Sultan, an unnamed European diplomat , the Saudi authorities may limit cooperation with Washington over the U.S. position on Syria and Iran.
Riyadh presumably believes that Washington became friendly with Iran , in addition, according to the Saudi authorities , the United States are unable to resolve the crisis in Syria. The United States also declined , along with Saudi Arabia to support Bahrain to suppress anti-government protests in 2011.
Recall that Saudi Arabia is the most important producer of oil in the Middle East, and plays a key role in maintaining the balance in the oil market to maintain price stability.
The cost of the November futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 98.47 a barrel on the New York Mercantile Exchange.
December futures price for North Sea petroleum mix of mark Brent rose 12 cents to $ 109.92 a barrel on the London exchange ICE Futures Europe.
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