Date: 4 months ago   Category: Financial

Oil has fallen in price by 10 dollars in three weeks


The cost of reference brands of oil has fallen lower than 76 dollars for barrel. At the beginning of October oil was trading on 86 dollars. The world prices for oil continue to become cheaper during trading on Thursday, October 25, Interfax writes. So, in the morning December futures for Brent at the London's ICE Futures Exchange have fallen in price by $0,62 (0,81%) - up to $75,55 for barrel. The cost of the future for WTI for December at an electronic session on the New York Mercantile Exchange (NYMEX) has gone down for $0,67 (1%) - to $66,15 for barrel. The day before the U.S. Department of Energy has reported that oil reserves in the country have grown following the results of last week by 6,346 million barrels. Thus, they have increased following the results of the fifth week in a row. At the same time reserves of gasoline were reduced by 4,826 million barrels, distillates - by 2,262 million barrels. The analysts interviewed by S&P Global Platts on average predicted increases in reserves of oil on 3,3 million barrels whereas the American Petroleum Institute (API) has reported about growth of inventory levels of crude oil in the country on 9,88 million barrels a day earlier. Additional pressure upon the market of oil is put by a collapse of the American stock markets. "Falling of the stock markets increases fears about global demand for oil, strengthening decrease in oil quotations", - the analyst of Rakuten Securities Satora Yosid says. It should be noted that in only three weeks of price of oil have fallen to 10 dollars for barrel. So, on October 3 the prices have exceeded 86 dollars that became a record for the last four years. Since then raw materials continue to become cheaper. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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