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The price of oil slightly reduced the drop on inventories data in the United States

The price of oil slightly reduced the drop in trading on Thursday after the US Department of energy reporting a decline of oil reserves in the country at the end of last week.

December futures for Brent crude on the London ICE Futures exchange to 18:05 kV dropped the price $0.74 (1.3 per cent) to us $56.2 per barrel.

Futures for WTI crude for November delivery on the new York Mercantile exchange (NYMEX) by this time fell by $0.7 (1,36%) to $50.6 per barrel.

Before the publication of energy data, the fall in the price of Brent crude was 1.6%, WTI – 2%.

The weakening of the oil market on Thursday contributed to the report by the International energy Agency (IEA), which warned that in 2018 oil prices will hit the ceiling.

According to IEA estimates, at the current level of OPEC production world oil reserves will not be reduced in 2018. In this case, three quarter of 2018 will be fairly balanced, with the continued oil production in OPEC and normal weather conditions. In General, next year is expected to increase demand and supply of oil by about the same amount that will contribute to the growth of oil prices.

Read the news also on the website “Energoinform”

“This is a very bearish report, said a senior analyst on commodity market Markets SEB Bjarne Hildrop. – The market has not yet reached a balanced state and remains in need of artificial support.”

According to the energy Ministry published on Thursday, oil reserves in the U.S. last week fell by 2.75 million barrels to 462,216 million barrels. Gasoline inventories grew by 2.49 million barrels, distillates – have decreased by 1.48 million barrels.

Oil production in the US fell last week by 0.85% to 9.48 million barrels a day (b/d).

Analysts polled by S&P Global Platts, predicted the reduction of oil reserves in the United States by 400 thousand barrels last week, gasoline stocks by 1.4 million barrels, distillates – by 1.64 million barrels.

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