Home
Brent down from $ 58 amid fears of oversupply
(Reuters) - Brent crude futures from the high levels recorded in early trading above $ 58 a barrel, falling towards $ 57 on Friday in light of oversupplied erased the impact of the support and grandfather of crude in the drop in US stocks more than expected.
The US crude stocks fell 1.8 million barrels last week, with the increase in refinery production, compared with expectations of some analysts, the signal decreases 67 thousand barrels.
However, the US Energy Information Administration data showed continuing oversupply in the storage center and point of delivery futures Cushing, Oklahoma to more than 1.995 million barrels amid rising stockpiles of petroleum products.
And Brent crude futures for February delivery 23 cents to 57.56 a barrel by 0614 GMT, but remains down about $ highs on Friday at $ 58.54.
US crude oil price in the month of February contracts nearest 64 cents maturity from its level on Wednesday to $ 53.91 a barrel, after reaching the highest levels of the day at $ 55.11.
Markets were closed on Thursday on the occasion of New Year's Day holiday.
Said Hussein Abdul Amir Allahaan Assistant Iranian Foreign Minister for Arab and African Affairs, told Reuters that the decline in world oil prices would harm countries in the Middle East unless the moving Arabia's biggest oil exporter in the world to address this decline.
Perhaps oil prices also fell after news reports that a storage facility for crude oil subsidiary of Anbrig in North Dakota were not damaged apparently from a fire alarm rang in the market earlier.
Adding to the pressure on the supply that the US government has taken steps that may open the door to export more American condensate or crude superior quality.
[You must be registered and logged in to see this link.]
