In conversation with independent resource and energy market expert Vladimir Demidov “Lentoy.ru” He stated that the main reason for the decline in oil prices was that there was no further increase in the Middle East.
“The main reason for the drop in oil prices is the lack of tension between Iran and Israel,” he said.
According to him, against this background, Washington began to buy oil from the Federal Reserve, contrary to expectations of purchases. Demidov explained that reserves were expected to decrease by about 5 million barrels, but there was an increase of 1.5 million barrels. The analyst noted that this created a domino effect, and news of an increase in US stocks led to a stronger decline in prices.
The day before reportedThe cost of Brent crude for October futures fell to $76.9 a barrel, the first time the fuel price has fallen below $77 since Aug. 7.
It was predicted before new records oil supply.
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Source: Gazeta
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