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- Oil prices fell amid rising stocks
Oil prices fell amid rising stocks
Crude oil futures fell, after the U.S. Department of Energy announced that the volume of oil rose unexpectedly.
The department said that oil reserves have increased by 3.78 million barrels to 364.5 million barrels level, while analysts expected that stocks will be reduced by 1.75 million barrels.
Gasoline inventories fell by 1.51 million barrels to 201.2 million level last week, while analysts expected a decline of 1.45 million barrels.
Distillate stocks, which include heating oil and diesel, rose by 873 thousand barrels to the value of 126.1 million, compared with a forecast for the level of 200 thousand barrels.
Note that oil was trading at $ 95.45 a barrel before the release of inventory data.
Futures also declined after Hurricane Isaac hit the U.S., thus causing the closure of offshore platforms and rigs in the Gulf of Mexico, but brought less severe consequences than expected.
It is learned that the company has stopped 93% of oil production platforms in the Gulf of Mexico and 67% of plants for gas production as well as Isaac approached the coast of Louisiana.
"Group of Seven" said yesterday that it was ready to call the International Energy Agency, which includes 28 countries and are the largest consumers of oil in order to take appropriate measures to ensure that the market is fully and promptly provide.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 95.20 per barrel.
October futures price of North Sea Brent crude oil mix is now $ 112.48 a barrel on the ICE Futures Europe Exchange.
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