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- Oil prices fell sharply after an unexpected increase in inventories
Oil prices fell sharply after an unexpected increase in inventories
Oil on NYMEX has fallen 2% to a fresh 3-month low after the US Department of Energy data showed an unexpected increase in oil inventories.
Commercial US crude inventories last week rose by 1 671 thousand barrels -. to 521,133 million barrels, according to the weekly US Department of Energy report.
Commercial gasoline inventories increased by 452 thousand barrels and amounted to 241,452 million barrels.
Commercial distillate stocks fell by 780 thousand barrels, reaching 152,003 million barrels.
Experts interviewed by Bloomberg, expected a reduction of oil reserves 2,2 mln barrels, gasoline inventories to increase by 600 thousand barrels and distillate inventories to increase 950 thousand barrels.
American Petroleum Institute (API) reported that US crude stocks for the week fell by 827 thousand barrels, gasoline inventories -423 thousand barrels.
The excess of oil on the world market suppresses demand for crude oil, moreover, a concern of investors is a slowdown of the world economy.
The cost of the September futures on WTI fell to 41.93 dollars per barrel.
September futures price for Brent fell to 43.62 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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