Oil prices down again. Quotations are falling continually since seven weeks – Money.pl

Crude oil prices fuel the stock market in New York are falling in response to the assessment that the production of raw material by the OPEC countries may be a record high. A barrel of crude West Texas Intermediate for September deliveries of fuel the stock market NYMEX in New York, is valued at US $ 41.83, after discount of 67 cents, or 1.6 percent. If starting next week will end reduced prices, it will have to deal with 8 weeks of consecutive decline in oil prices.

Brent for October deliveries of fuel on the stock exchange ICE Futures Europe London cheaper by 69 cents, or 1.4 per cent., to 48.50 USD per barrel.

The prices of crude oil influenced by the amount supplied by the countries belonging to the Organization of Petroleum Exporting Countries (OPEC) . The representative of Iran’s estimated that oil production by OPEC may increase to a record 33 million barrels per day when they are lifted sanctions imposed by the West on Iran. On Friday, the OPEC organization said in a report that oil production by countries of the cartel rose in July to its highest level in more than three years.

The price of oil does not serve well as information as to the number of wells to obtain oil in the US slate. Last week, the index has risen by 2 to 672 wells, the highest since May 2015 years – according to data from Baker Hughes Inc. More of them is, the more likely increase the supply of this raw material.

– The foundations when it comes to the oil market, there is no return. The market continues to drift down and there is not even in the breaks. US crude oil inventories are huge for this time of year, and during the holiday travel season, there has been a significant drop them – indicates Ric Spooner, chief analyst at CMC Markets in Sydney.

The International Energy Agency (IEA) estimated in Last week, the oversupply of oil on global markets to continue until 2016. Such a situation certainly not conducive to increases in crude prices.

Since the beginning of 2015. Raw material in the US became cheaper by 21 per cent.

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