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Oil price grows on the data about the increase in oil inventories in the USA

The information on USA oil supplies has become available.

29.Dec.16 5:29 AM
By Anna Tuzova


Oil price grows on the data about the increase in oil inventories in the USA
World oil prices lowers on the information collected by The American Petroleum Institute (API) on the increase of the black gold inventories in the USA, according to trading data.

As at 00.16 (UTF-5) the price of March Brent futures decreased by 0,14% to 56,88 dollars per barrel. The price of WTI to be supplied in February lowered by 0,54% to a mark of 53,77 dollars per barrel.

According to the APIís information, oil reserves have grown by 4,2 million barrels in the week ended on 23 December. Surveyed by the Reuter analysts had suggested that the figure would get lower by 2,1 million barrels.

The expectation of coming into force of the agreement on cutting oil production level between OPEC and several independent oil producers helps fight the cut in prices of black gold. "Brent will be ... positively impacted by the OPEC and non-OPEC cuts should the agreed reductions be largely adhered to over the next six months," as Reuter quotes Philips Futures' investment analyst Jonathan Chan.

OPEC has signed an agreement on oil output reduction by 1,2 million barrels per day to 32,5 million barrel on the meeting held on 30 November. Non-OPEC countries have agreed to reduce their output by 558 thousand barrels per day, including Russia Ė by 300 thousand barrels. The treaty will be implemented in January; it was concluded for a half of the year with the possibility of its prolonging.

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