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- The price of oil has fallen sharply
The price of oil has fallen sharply
During the day, crude oil futures showed a small increase, approaching with up to $ 89 per barrel in anticipation of the change of information on oil reserves according to the Ministry of Energy, which indicate the level of immediate demand for fuel.
Rise in oil prices also helped the positive sentiment in global markets, which led to an increase in stock indices around the world.
Despite the optimism, the price of oil fell from a high of $ 106 per barrel, nearly three months against the backdrop of slowing global economy, as well as due to the fact that Europe was mired in debt crisis, the growth in China has decreased, and the recovery in the U.S. slowed.
It is also a significant effect on the price of oil has a conflict in Syria, as well as the outstanding differences between the Western powers and Iran over Tehran's nuclear program. supported by the oil. On this, the current tensions in the Middle East should not produce any sharp drop in prices.
But despite the rise throughout the day, quotes, oil futures on NYMEX fell 1% against the data on reserves, and reached a session low near $ 87.50. According to information from the Ministry of Energy, crude oil stocks rose 2.7 million barrels.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now at $ 87.35 per barrel.
September futures price for North Sea Brent crude oil mixture dropped to $ 102.85 a barrel on the ICE Futures Europe Exchange.
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