The price of Brent crude oil fell below $73 for the first time since August 22

© AP Photo / Hasan JamaliНефтяной the machine-rocking. Archival photoThe price of Brent crude oil fell below $73 for the first time since August 22© AP Photo / Hasan Jamali

The price of oil grades Brent and WTI in the evening on Thursday fell more than 3%, Brent crude dropped below $ 73 a barrel for the first time since August 22, according to the auction.

As at 18.52 GMT the price of January futures for North sea petroleum mix of mark Brent has decreased on 3,41%, to 72,89 per barrel. The price of December futures for WTI crude oil fell by 3.08%, 63.38 per barrel.

Pressure on quotes have published data from the Ministry of energy of the USA about growth of stocks of oil in the country for the sixth consecutive week. Commercial oil stocks in the U.S. for the week ended 26 October, increased by 3.2 million barrels, or 0.8 percent, to 426 million barrels.

In addition, the Agency Bloomberg earlier on Thursday published its findings, according to which the oil production of OPEC countries rose in October to its highest level since November of 2016 is 33.33 million barrels a day. According to the Agency, the production growth in Saudi Arabia and Libya offset the loss from the expectations of U.S. sanctions against Iran.

The President of the United States Donald trump announced in may that Washington is out of agreement with Iran on its nuclear program. He also reported the return of all sanctions against Iran including secondary, that is, against other countries doing business with Iran.

Once again, the U.S. has enacted on August 7 some of the sanctions against Iran. The more significant sanctions that would cover oil exports, are expected on 5 November. Washington has said it aims to bring Iranian oil exports down to zero and urged its customers to abandon such purchases.

The price of Brent crude oil fell below $73 for the first time since August 22© Infographicsrussia forces in the world oil market

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