Oil falls a second day because of fears of the International energy Agency that OPEC cuts and the allies have a major impact on market supply.
As the reduction in oil production affects the market
“The market is trying to stand amid all these uncertainties”, — says Norbert Rucker, head of macroeconomic and commodity analysis at Julius Baer Group Ltd.
Dynamics of futures
The January futures for WTI has fallen in price by 57 cents to $of 50.58 per barrel. Had seen a small correction of up to eight cents, after statistics were published on the oil reserves of the United States: they declined slightly and is likely to continue to decline. Total trading volume was 37 percent higher than the 100-day average.
Brent futures for February fell 51 cents to $59,64 per barrel. World mark still on $of 8.82 more expensive than the us.
If we talk about the reserves of the United States, then last week they fell by 1.21 million barrels per day. However, it was assumed that they will fall to 10.2 million barrels. This incorrect forecast has only strengthened the current trend. But it is worth noting that the current inventory (442 million barrels) is still above the average over the past five years.