Oil becomes cheaper on fears of market saturation


Oil rig.

Нефть дешевеет на опасениях перенасыщения рынка
© AP Photo / Hasan Jamali

MOSCOW, Nov 8 — the World prices for oil on Thursday evening, falling on fears a glut in the market against the background of growing production in the United States, Saudi Arabia and Russia, according to the auction and comments of experts.

As at 20.14 MSK price of January futures for North sea petroleum mix of mark Brent has decreased on 1,18%, to 71,22 USD per barrel. The price of December futures for WTI decreased by 0.88% to 61,13 dollars per barrel.

According to the Agency Market Watch, investors are worried about growth of oil production in Saudi Arabia, Russia and the United States. The country increased its production on the eve of the introduction of us sanctions against Iran, to compensate for the lack of Iranian exports after the introduction of restrictions on trade with Iran.

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