Oil was sold today

Oil prices have decreased 1 on the inventories data that showed a groth at the distribution center in the US Cushing by about 1 million barrels.

According to the report of Genscape, supply of "black gold" in the United States in Cushing for the week rose by 1 million barrels.

Cushing is the largest terminal for oil products in the world. Its storage capacity up to 73 million barrels, or about 13% of the total volume of US. There are several important pipelines converge, which moves oil from fields to refineries on the Gulf Coast.

Cushing is also the main place of the pricing of futures contracts on the North American benchmark WTI (West Texas Intermediate), the most actively traded futures contracts for crude oil in the world.

Rates of growth was the highest this year, according to the Commission on the Futures trading in commodities (CFTC) of the USA.

The cost of Brent crude oil fell below $ 45 a barrel for the first time since early May.

The decline in oil prices due to continued growth in the world's petroleum reserves under adverse demand forecasts.

"The mood of participants is bleak, - stated Commerzbank. Financial investors continue to leave the market, and this creates pressure on prices."

According to Barclays that global oil demand in the third quarter of 2016 by 66% lower than in the same period a year earlier, due to the slowdown in the global recovery.

This is evidence of an increase in stocks of petroleum products throughout the world, causing experts concern that oil demand from refiners may be reduced.

So, in spite of the peak driving season, gasoline inventories in the US rose to 900K barrels last week, and their increase was observed for the fourth time in the last five weeks.

China reported an increase in gasoline exports in June to a record 1.1 million tons, which is twice higher than the previous year's level.

Meanwhile, the number of employees in the United States oil rigs in the previous week increased by 14 to 371, and the growth of this indicator continued the 4th week in a row, according to the Baker Hughes.

The cost of the September futures on US light crude oil WTI fell to 43.18 dollars per barrel.

September futures price for North Sea petroleum mix of mark Brent fell to 44.75 dollars a barrel on the London Stock Exchange ICE Futures Europe.