World oil prices on Monday will again show a negative trend. About it as transfers RIA “Novosti”, according to AFP.
As of 07:37 Moscow time the cost of the October futures for WTI crude oil in electronic trading on the new York Mercantile exchange (NYMEX)fell by 0.25% to 44,52 dollars per barrel, and Brent crude on London’s ICE Futures exchange – 0.65%, to 48,72 dollars per barrel.
By 8:00 Brent oil fell another 0.8% to 47.77 dollars per barrel, reports “Interfax”.
Oil prices continue to fall under pressure from concerns over slowing growth in global demand for black gold.
On Friday, we recall, Brent crude fell by 3% on reports of Goldman Sachs and the International energy Agency (IEA) on the continued growth of oil reserves and the reduction of demand for it. Experts at Goldman Sachs, in particular, worsened forecasts of oil prices Brent and WTI for 2015-2016, noting that the continued oversupply in the market can cause prices to fall to $ 20 per barrel.
On Sunday it became known that the growth of industrial production in China by the end of August 2015 amounted to 6.1%. These data almost coincided with the forecast, but the figure is near the lows since 2009. At the same time investments in fixed assets in the PRC showed a minimum in August, the growth from 2000 to 10.9%. China’s slowdown reduces its need for oil, gas and other commodities.
On the other hand, can limit the decline in oil prices help the us oil and gas service company Baker Hughes, also published on Friday. From them it follows that the total number of drilling rigs in the U.S. by the end of the working week was reduced by 16 units, or 1.8%, and amounted to 848 units. In annual terms, the value decreased 1083 units, or 56%.
Nevertheless, the prospects of supply and demand in the coming months “are not very bright”, quoted by the Reuters Agency opinion of the analysts of Morgan Stanley.
Earlier research Macquarie group drew attention to the fact that the pressure on demand has a lower global vehicle sales in August, which in annual terms amounted to 1%, which is slightly greater than the decline by 0.8% in July.