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 Brent crude oil fell to $44.16 per barrel

Oil prices continue to decline. This morning, the price of December futures for North Sea Brent Blend fell to $44.16 per barrel at the Intercontinental Exchange in London.

As reported by Censor.NET citing Vedomosti, at the same time, the price of December futures for light WTI oil fell to $41.59 per barrel.

The oil market continues to react to the news about the crude oil stockpiles in developed countries. OPEC said Thursday, Nov. 12 crude oil inventories in developed countries exceeded the five-year average by more than 210 mln barrels - the figure is higher than that in the period of stock growth in 2009. The reports about the excess of oil on world's market have provoked the fall of quotations, in defiance of the fact that, according to the cartel, its member countries' production decreased in October to 31.382 mln barrels per day compared to 31.638 mln barrels in September due to problems with exports from Iraq.

Read more: New oil price slump to follow Russia-Saudi rivalry in Europe, - Reuters

On Tuesday, Nov. 10, American Petroleum Institute said that the U.S. oil inventories increased for the week ended Nov. 6 by 6.3 mln barrels, having reached almost the maximum level for this time of year in the past eight decades.
 
 
 
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