Oil slips on weak reduction of oil reserves in the United States

© AP Photo / Eric GayДобыча of oil in North Dakota, USA. Archival photoOil slips on weak reduction of oil reserves in the United States© AP Photo / Eric Gay

World oil prices are down Thursday morning, as investors recoup yesterday’s data of energy U.S. commercial inventories of «black gold» in the country, according to the auction.

As of 08.22 am MSK cost of the October futures for North sea petroleum mix of mark Brent has decreased on 0,38% — to 52,16 USD per barrel. Price of the September futures for WTI decreased by 0.36% to 49.41 per barrel.

According to the energy information administration of U.S. Department of energy, commercial oil stocks in the United States (excluding strategic reserves) for the week ended July 28 decreased by 1.5 million barrels, or 0.3% to 481,9 million barrels. Experts expected a bigger decline — 0.61%, or $ 2,957 million barrels to 480,443 million barrels.

Despite the inventory decline, «the strong increase in demand was enough to soften the bullish investment sentiment in the market», said experts of the Bank ANZ in comments to the Agency MarketWatch.

While investors are waiting for signals that the volume of oil production in OPEC countries will decline and will affect still significantly high rates of the world’s supply. ANZ predicts the decline in production in the fourth quarter that is expected to push prices much above $ 50 per barrel, said the Agency.

According to the July report by the International energy Agency (IEA), OPEC countries in June increased its oil production by 393,5 thousand barrels per day compared with may — up to 32,611 million barrels a day, despite the agreement of the members of the cartel, and countries outside of OPEC to cut production.

Following the OPEC monthly report will be released on Thursday next week. In addition, next week the country-members of OPEC will hold a two-day meeting to discuss the percentage of the commitments on reduction of resource extraction. According to the Agency, «not a few large producers, such as Ecuador, had previously expressed concern that they do not have enough economic resources to support the decline.

Oil slips on weak reduction of oil reserves in the United States© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market

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