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The cost of WTI crude oil has fallen significantly, while reaching the lowest level since April 2013, which was associated with the release of a government report on reserves. As for oil grade Brent, then its price has fallen to a 27-month low, as there were signs of a slowdown in global economic growth. Yesterday the IMF for the third time this year lowered the growth forecast for the world economy, taking into account the weak performance of the largest countries in the euro zone, Japan and the major developing countries such as Brazil.
"Traders are concerned about the growth of the world economy and the oversupply of oil. Market notes increased offer with weak demand, "- said the analyst OptionsXpress.
Earlier today, the Department of Energy reported: oil reserves for the previous week rose by 5 million. Barrels to 361.65 million barrels, while the average forecast assumed their growth by 1.9 million. Barrels. Oil reserves in the terminal Cushing (Oklahoma) fell by 1.6 million barrels to 18.9 million barrels. Gasoline stocks rose 1.2 million barrels to 209.7 million barrels. Analysts had expected gasoline inventories are reduced as compared to the previous week to 900,000 barrels. Distillate stocks rose by 439,000 barrels to 126.1 million barrels, while analysts had expected a decrease of 1.2 million barrels.
Utilization rate of refining capacity fell less than expected to 89.3%. Analysts expected decline of 0.7 percent.
Put pressure on prices as the decision of the Office of the United States Energy Information Administration to lower growth forecasts for global oil consumption and OPEC production next year. In its monthly report, management has reduced its forecast for global demand to 91.47 million barrels per day to 91.55 million in the September report, that is the forecast growth in consumption has been reduced by 100,000 barrels per day to 1.24 million. The agency also lowered the forecast average daily production of OPEC in 2015 at 300,000 barrels to 29.24 million. In September, the country mined cartel almost 31 million barrels per day with the official quota of 30 million. Management has adjusted production forecast in the United States to 9.5 million. Barrels per day to 9.53 million. September.
The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) fell to $ 87.33 a barrel on the New York Mercantile Exchange (NYMEX).
November futures price for North Sea Brent crude oil mixture fell $ 0.79 to $ 90.94 a barrel on the London exchange ICE Futures Europe.
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