Oil prices on Thursday, August 25, rising, despite the growth of oil reserves and the production decline in the United States, according to Reuters.
At 08:15 in Kiev, the cost of October futures for North sea mixture of Brent has grown on 0,04% – to $49,03 per barrel, and October futures for WTI – by 0.04% – up to $46,79 per barrel.
According to the U.S. Department of energy, the oil reserves in the country last week increased by 2.5 million barrels (0.5%) – up to 523,6 million barrels.
Oil production in the USA for last week has decreased on 0,5% – to 49 thousand barrels per day – up to 8,548 million barrels per day and oil terminal in Cushing rose by 0.4 million barrels – up to 64,9 million barrels.
“Iraq’s Declaration about not achieving the desired production of oil, causing investors concerns about the growth of its supplies of OPEC”, – noted in the ANZ Bank.
According to analysts, the high production figures of not only OPEC, but other major producers such as Russia, and a small demand for raw materials, do not give a chance to overcome the glut in the market.