Oil is cheaper after the price rise on Friday

© AP Photo / Jae C. Nadovich oil in the United States. Archival photoOil is cheaper after the price rise on Friday© AP Photo / Jae C. Hong

Oil is cheaper on the first day of the working week in the correction after the rise in price of «black gold» on Friday, according to the auction.

As of 08.22 am GMT the cost of the August futures for North sea petroleum mix of mark Brent has decreased on 0,25% — 52,38 dollars per barrel. The price of July futures on WTI fell by 0.28 percent, to 49.66 per barrel.

On Friday, oil rose in price due to the fact that the statistics of the us oil service company Baker Hughes confirmed the attenuation of the growth in the number of functioning oil rigs in the United States. At the end of the may 26 work week, the number had risen to seven, or 0.77%, to 908 units. Thus, the rate of growth of the number of installations has been declining for several consecutive weeks.

Monday is also expected that the trading volume of oil contracts will be small due to national holidays in China, the UK and the USA, writes the newspaper the Wall Street Journal. Low speed can amplify the volatility.

Experts expect that the next significant factor that will affect the market, will become statistics of the US Department of energy on oil reserves in the country, which will be published on Thursday. «The market will remain in uncertainty and wait for a confirmation (expectations on the market — ed.) before the price will go up» — the newspaper quoted unnamed analysts RBC.

Oil is cheaper after the price rise on Friday© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market