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The cost of WTI crude oil fell slightly today, which was associated with the release of a report on oil stocks, which have more substantial than the expected increase. Prices for Brent, the meanwhile, rose moderately.
Department of Energy reported that commercial oil stocks in the United States in the week October 11 - 17 increased by 7.1 million barrels to 377.7 million barrels, while the average forecast of anticipated increase of 3.1 million barrels. Inventories rose to a maximum with the 4th of July. Oil reserves in the terminal Cushing rose 953,000 barrels to 20.6 million barrels. Gasoline inventories fell by 1.3 million barrels to 204.4 million barrels. Gasoline inventories have reached the lowest level since Nov. 23, 2012. Analysts had expected gasoline inventories are reduced as compared to the previous week by 1.4 million barrels. Distillate inventories rose 1 million barrels to 125.7 million barrels, while analysts had expected a decrease of 1.5 million barrels. We also learned that the utilization of refining capacity has decreased to 86.7% from 88.1%, reaching the lowest level since March 21. Analysts expected a decline of 0.2%.
Yesterday the American Petroleum Institute reported that crude oil inventories increased by 1.2 million barrels for the week ending 17 October. The report also showed that gasoline inventories fell by 532,000 barrels, while distillate stocks fell by 822,000 barrels.
Pressure on prices continues to concern about the weakening global demand, as well as signs that the Organization of Petroleum Exporting Countries will not cut production to support oil prices. Some analysts believe that only a decline in production in the oil cartel will be able to stop the decline in prices.
"If OPEC countries do not come to a common position on the acceptable level of oil and reduce production, it is likely, oil will be around $ 80 to $ 90," - said the expert GHP Group.
Little support is provided by statistics from China, which was better than expected. China's GDP grew in the third quarter of 2014 by 7.3% in annual terms, however, were lower than in the second quarter. At the same time, analysts predicted value of the index of 7.2%.
The cost of the November futures for the American light crude oil WTI (Light Sweet Crude Oil) fell to $ 82.35 a barrel on the New York Mercantile Exchange (NYMEX).
The price of December futures for North Sea Brent crude oil mixture rose $ 0.62 to $ 86.84 a barrel on the London exchange ICE Futures Europe.
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