Date: 6 months ago   Category: Financial

Oil has accelerated falling against the background of statements of Riyadh


Oil has begun to become cheaper sharply because of intention of Saudi Arabia to increase oil production and also growth of stocks in the USA. The world prices for oil promptly fall at the auction on Tuesday, October 23. As writes Interfax Ukraine, falling has begun after Saudi Arabia has confirmed the intention to increase oil production for market balancing. So, the price of December futures for Brent at the London's ICE Futures Exchange to 14:49 kV has decreased by $1,90 (2,38%) - up to $77,95 for barrel. Quotations have fallen lower than $78 for barrel for the first time since September 18. The cost of the future for WTI for December at the electronic trading of the New York Mercantile Exchange (NYMEX) has gone down for $1,31 (1,89%) by this time - to $68,05 for barrel. During the forum Future Investment Initiative starting in Riyadh, the Minister of Energy of Saudi Arabia Khalid al-Falikh has said that his country is ready to increase production by 1-2 million barrels a day not to allow deficiency of fuel in the market. Participants of the market continue with fear to wait for entry into force of the American sanctions against Iran at the beginning of November which can sharply reduce supply of oil to the world market. Also the market waits for the publication of data on oil reserves in the USA on Wednesday. According to the experts, commodity reserves of this fuel in the States last week have grown by 3 million barrels. If the forecast is confirmed, increase will become the fifth in a row that wasn't observed since March, 2017. Fall of the main world stock indexes became an additional negative factor for the market of oil. Asian indexes on Tuesday have dropped more than by 2%, the main European indicators lose more than 1%, futures for indexes of the USA show decrease approximately for 1,5%. We will note, according to the forecast of the raw Trafigura and Mercuria traders, the price of the European standard of Brent by Christmas can grow to $90 for barrel, and at the beginning of 2019 to overcome a mark of $100 for barrel. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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