To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Zuckerberg discussed "TikTok danger" during private dinner with Trump

Facebook spokesman says that Zuckerberg 'cannot remember' discussing the issue of TikTok wit...



Oil moderately becomes cheaper due to not held on to forecasts for a decline of inventories in the United States



Oil prices declined in the evening trading Wednesday, as the reduction in U.S. commodity stocks turned out to be weaker than forecast.



02.Aug.17 12:27 PM
By Daria Zaytseva
Photo Toinnov.com

   299

Oil moderately becomes cheaper due to not held on to forecasts for a decline of inventories in the United States

By 17.43 GMT, futures for Brent crude oil fell 0.46 % to $ 51.54 per barrel.

Futures for U.S. oil WTI by this time traded at $ 48.82 per barrel, 0.69 % lower than the previous closing.

Both standards fell significantly on Tuesday, after Shell said it expects the restart of the Pernis refinery not earlier than two weeks. The company stopped most of the installations at its Dutch Pernis refinery after the fire on July 29.

U.S. oil inventories declined by 1.53 million barrels to 481.89 million barrels in the week ended July 28, while analysts predicted a 2.96 million barrel decrease, the Energy Information Administration (EIA) said on Wednesday.

Among other pressure factors analysts call the increase in OPEC production, which, according to calculations by Reuters, in July increased by 90,000 barrels per day to 33 million barrels per day.

The main driver of the group's growth in production last month was an increase in production of raw materials in Libya, which is not included in the global pact.

The OPEC oil cartel and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day until March 2018 to restore the equilibrium of global supply and demand.

According to the forecast of the analytical agency Douglas Westwood, this year there will be a slight deficit in the oil market, but next year the excess supply will return due to the commissioning of new fields and will continue until 2021.




Back to the list


Related Information: