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- Oil is gaining in early trading
Oil is gaining in early trading
This morning, the New York futures for Brent rose 0.78% to $ 50.33 and crude oil futures for WTI rose 0.76% to $ 51.91 per barrel. Thus, the black gold is trading in the green zone on the background of market rebalancing expectations. Global inventories increased less than expected in the run-up to the high-demand winter heating season in the northern hemisphere.
Also another reason for the increase in the price of black gold was the dollar's decline, which moved away from the seven-month high.
According Bernstein Energy, global oil reserves increased by 17 million barrels to 5.618 billion barrels in the third quarter of 2016. This is a slight increase from the fourth quarter of 2014, confirming the slowdown in stocks, while market returns to equilibrium. "
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