World oil prices on Wednesday demonstrated weak positive dynamics on the background of the message the American petroleum Institute (API) on the oil reserves in the country and falling of the American currency, according to the auction.
As of 07:43 the price of November futures for North sea petroleum mix of mark Brent rose by 0.06% to 48.76 per barrel, the price of October futures for WTI crude oil – 0.09% to 46.39 per barrel.
According to the API, oil stocks in the United States in the previous week increased by 0,942 million barrels, which in General coincided with forecasts of analysts. Now investors are waiting for data on stockpiles from the US Department of energy. According to analysts, for the week ended August 26, the reserves of “black gold” rose by 0,921 million barrels to 524,521 million barrels.
A positive effect on prices, the weakening U.S. currency as oil prices are pegged to the dollar, and a weaker dollar makes oil cheaper for holders of foreign currencies. The dollar index (dollar to a basket of six currencies of countries – major U.S. trading partners) is lowered by 0.11% to 95.95 points.
In addition, support prices supports the statement by the Prime Minister of Iraq Haider al-Abadi that the country would support the freezing of oil production at the September OPEC meeting in Algeria.