Brent is trading below 45 dollars per barrel, Correspondent.net reports.
On Wednesday, May 4, global oil prices demonstrated the variety of trends – investors turned their attention to the oversupply of “black gold”, remaining on the market, as well as due to US currency value appreciation.
As at 8.11, Kyiv time, for Brent the futures price for July 2016 decreased by 0.07% - to USD 44.94 per barrel. By this time for WTI futures quotations for July 2016 have increased by 0.14%, up to 43.70 dollars per barrel.
Investors started worrying about the oversupply of oil market after the publication of the American Petroleum Institute statistical bulletin. According to its report, the oil reserves in the USA increased by 1.3 million barrels, while the analysts expected the growth by 0.5 million barrels.
Pressure on prices for “black gold” is also exerted by the strengthening of US currency, which is growing within the correction after decreasing on May 3 to the minimum from October 2014. Its strengthening is made by oil, which is traded in dollars, more expensive for clients, using foreign currencies.
