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Oil fell against a background of rising reserves in USA

The oil prices are falling again against the data from US demonstrating that harsh glut reality may spoil the “celebration of life”, that has jacked up the quotations after the OPEC’s deal.

14.Dec.16 8:40 AM
By Anna Tuzova


Oil fell against a background of rising reserves in USA
According to the American Petroleum Institute, the surplus of the proposal has been recorded on all sectors of the US market on the previous week.

The demand for the crude oil turned out to be less than the proposal by 4,68 million barrel. This volume has filled up commercial stocks in a source, the growth of which in the last 6 weeks has exceeded 20 million barrel.

The supplies of unsold oil to final consumers have been growing for fifth week in a row. The recorded gains (3,9 million barrel) are the highest in eleven months. 

The stocks of stockpiles have been growing for the sixth week in a row by 233 thousand barrel.

Earlier, after of the price statistic had been published, benchmark crudes has gone down 0,4-0,5%. By 2:48 (GMT5) the price for February Brent Future has lost 0,84% more to $55,25 per barrel. WTI contracts has gone down by 1,06% to $52,42 per barrel. 

In two weeks of December oil quotations have risen by 19% and on Monday reached mid 2015 rate. 

“There’s obvious optimism from the bulls on OPEC’s ability to come to an agreement with non-OPEC”, as analyst at PNC Capital Paul Crovo said.

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