Oil is cheaper in anticipation of statistics on stocks in the United States

© AP Photo / Hasan JamaliДобыча oil. Archival photoOil is cheaper in anticipation of statistics on stocks in the United States© AP Photo / Hasan Jamali

World oil prices fall Tuesday morning amid investors ‘ expectations of data on oil reserves in the U.S. last week, the market reacted to the change, the IEA, growth in the prices of raw materials, according to the auction.

As at 07.55 GMT the price of January futures for North sea petroleum mix of mark Brent has decreased on 0,33%, to 62.95 per barrel, the price of December futures for WTI crude oil fell by 0.23% to 56.63 USD per barrel.

Traders are cautious waiting for data from the American petroleum Institute (API) and the US Department of energy on oil reserves in the country for a week. A week earlier, commercial oil stocks in the United States (excluding strategic reserves) increased by 2.2 million barrels, or 0.5%, to 457,1 million barrels. Now analysts expect, on the contrary, lower by 2.85 million barrels to 454,25 million barrels.

The market also responds to the change in the forecast of the International energy Agency (IEA) growth in oil prices. So, the IEA has lowered its estimate for growth in oil prices in 2025 by 18%, to 83 dollars per barrel by 2040 by 11% to $ 111 per barrel. This is stated in the baseline scenario, the annual forecast of the Agency.

The cost of raw materials poorly supported by data from the OPEC to lower production and higher forecast oil demand in the world. In the November report of the organization reported that in October, OPEC reduced oil production by 150,9 thousand barrels per day — up to 32,589 million barrels per day. The Outlook for oil demand in the world in 2017 was increased by 74 thousand barrels per day compared to the October estimate, to 96.94 million.

«Prices (oil — ed.) seem to show that the pause is necessary», — quotes Reuters the words of the chief market strategist at AxiTrader Greg McCann (Greg McKenna).

Oil is cheaper in anticipation of statistics on stocks in the United States© RIA Novosti, Integratiebeleid in photomontaged forces in the world oil market

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