Oil prices fall after record growth

Cheaper oil coming down from its highest in over a year and a half on the strong increase in fuel stocks in the USA last week.

February futures for Brent oil at the London stock exchange on the morning of 29 December, it was cheaper to 56,18 dollarsa barrel. Quotes of WTI oil futures for the February trading on the new York Mercantile exchange (NYMEX) dropped to 53.76 dollars per barrel.

According to the American petroleum Institute (API), oil stocks in the U.S. last week rose by 4.2 million barrels. Reserves at the terminal in Cushing where NYMEX-traded oil, has increased by 528 thousand barrels.

Recall that the official data of the Ministry of energy will be released Thursday, and experts on average expect to reduce inventory by 1.5 million barrels.

Also with the new year OPEC and other oil producing countries will begin implementation of the agreement on production cuts in the aggregate of 1.8 million barrels per day. According to analysts of the consulting company Pira Energy, such measures will lead to a significant reduction in world reserves by the third quarter of 2017.

The meeting of the Committee for monitoring the production of the parties to the agreement will take place in Vienna on 21-22 January. Earlier it was reported that the meeting will be held on January 13.