On Thursday, oil quotations are slowly declining on the data of the US Department of Energy about an unexpected increase in stocks of raw materials over the past week, Interfax reports.
By 8:15 am Kyiv time, Brent November futures fell in price by $0.18 (0.23%) to $78.46 per barrel at the London ICE Futures exchange. On Wednesday, Brent price decreased by $0.45 (0.6%) to $78.64 per barrel.
WTI November futures fell in price by $0.05 (0.07%) to $74.78 per barrel at the New York Mercantile Exchange (NYMEX). During the previous session, the price went down by $0.46 (0.6%), to $74.83 per barrel.
According to the Ministry of Energy, commercial oil stocks in the United States increased by 4.58 million barrels to 418.54 million barrels last week. The American Petroleum Institute (API) estimates indicated a less significant increase of 4.1 million barrels.
Stocks at the terminal in Cushing, where oil traded at the NYMEX is stored, increased by 200 thousand barrels, while the API reported a jump in stocks by 359 thousand barrels.
Published data show that the impact of hurricanes in the Gulf of Mexico is weakening, said Tariq Zahir of Tyche Capital Advisors.
"We usually always see an increase in oil stocks at this time of year," says Phil Flynn, an analyst at The Price Futures Group. "The oil market is feeling the pressure due to the significant strengthening of the dollar, which we have seen in the last couple of days”.
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