Oil becomes more expensive in expectation of statistics on stocks in the United States

© RIA Novosti / Vitaly to Timepiece in fotosannette the machine-rocking. Archival photoOil becomes more expensive in expectation of statistics on stocks in the United States© RIA Novosti / Vitaly to Timepiece the image Bank

World oil prices are rising Wednesday morning on data from the American petroleum Institute (API) on its reserves in the U.S. for the week, investors also expect the same data from the Ministry of energy of the country, according to the auction.

As 08.29 MSK price of November futures on North sea petroleum mix of Brent increased by 0.29% to 55,30 USD per barrel, the price of November futures for oil of mark WTI have grown on 0,60%, to 50,20 dollar per barrel.

According to the API, oil stocks in the country for the week ended 15 September, rose by 1.4 million barrels, to 470 million barrels. The oil reserves in the country’s largest terminal Cushing (Cushing) has increased by 422 thousand barrels.

Later on Wednesday will be published data of U.S. Department of energy on oil reserves in the country for a week. According to analysts, inventories increased by 2,925 million barrels, or 0.62% to 471,125 million barrels.

Investors also continue to react to the words of the Minister of oil of Iraq Jabbar al-Laibi, who said that Iraq and some other oil producing countries believe that it is necessary to cut production under OPEC agreement+ about 1%. According to al-Libi, production cuts by OPEC countries doing well, countries outside of OPEC comply with the terms of the agreement, in the least, but this is consistent with expectations.

OPEC and a number of not members of the organization countries agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from October levels, of which 300 thousand are in Russia. The agreement was concluded for the first half of 2017 with possibility of extension. In may, its validity was extended for nine months until the end of March 2018.

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Oil becomes more expensive in expectation of statistics on stocks in the United States© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market

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