The oil price is falling

The cost of oil falls slightly. It is connected with expectation of investors of a surplus of these raw materials in the market after a release of data on growth of production of "black gold" in the USA and Libya, witness data of the biddings, the Russian Agency of Oil and gas information has reported.

As of 07:29 (Moscow time) on May 2 the cost of July futures for the North Sea oil mixture of the Brent brand fell by 0,10% - to 51,47 dollars for barrel. The price of June futures for WTI crude oil fell by 0,18% - to 48,75 dollars for barrel. 

On Friday the Baker Hughes company reported that following the results of the business week which came to the end on April 28 the number of drilling rigs in the USA grew by 13 pieces, or for 1,51%, to 870 units.

Additional the oil quotations is pressed by the message of the "National Oil Corp." - National oil company of Libya - about increase in production of oil on 760 thousand barrels a day - to the highest level since December, 2014. The company also noted that it plans to continue to increase production, Prime agency has reported. 

"Surplus of deliveries is noticeable, especially in Europe that hampers increase in prices for Brent crude oil. In general, demand weakens, and inventories accumulate", - Kaname Gokon the strategist of Okato Shoji in Tokyo told.

 

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