GENERICO.ruЭкономикаBrent oil price fell below $79 per barrel

Brent oil price fell below $79 per barrel

MOSCOW, November 16 By Thursday evening, world oil prices accelerated the rate of decline to about 3%, the cost of a barrel of Brent fell below 79 for the first time since July 20 , and WTI — below $75, follows from the trading data.
As of 17.56 Moscow time, the price of January futures for Brent oil falls by 3.19%, to $78.6 per barrel, December futures for WTI — by 3.47%, to $73.98. The indicators dropped below 79 and 75 dollars per barrel, respectively, for the first time since July 20.
Investors could have reacted this way to the release of macrostatistics. Thus, minutes earlier data on the volume of industrial production in the country were published. At the end of October, the indicator decreased by 0.6% in monthly terms, while analysts predicted a decrease of only 0.3%.

Yesterday’s data on oil reserves in the United States also retain their influence, it follows from expert comments. The Energy Information Administration (EIA) of the country's Ministry of Energy reported on the dynamics of reserves for the two weeks ending November 3 and November 11, as a result of which commercial oil reserves in the country increased by 17.5 million barrels.

«EIA report has set in motion the renewed weakness that has plagued the market recently as fundamentals have begun to weaken,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, told Bloomberg.

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