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Brent Oil Falls Below $ 59 Per Barrel On US Stock Data

Oil prices of reference grades are falling at Asian trading on Thursday on the data of an industry organization about a sharp increase in commodity stocks of this fuel in the USA over the past week.

At the same time, fears remain in the market related to the likely reduction in demand for hydrocarbons and other raw materials in the event of a deterioration in the global economy, experts say.

December futures for Brent on the London ICE Futures exchange by 8:18 Moscow time fell by $ 0.47 (0.79%) - up to $ 58.95 per barrel. On Wednesday, their price rose by $ 0.68 (1.16%), reaching $ 59.42 per barrel at closing.

November futures for WTI futures on electronic trading on the New York Mercantile Exchange (NYMEX) in the morning fall by $ 0.53 (0.99%) to $ 52.83 per barrel. According to the results of the previous session, their price increased by $ 0.55 (by 1.04%) - up to $ 53.36 per barrel.

Since the beginning of this week, Brent has fallen in price by about 1.8%, WTI - by 2.4%.

The American Petroleum Institute (API) on Wednesday released a report indicating an increase in commercial oil reserves in the US last week by 10.5 million barrels. This is the maximum jump in the indicator since February 2017, and the rise was recorded according to the results of the fifth week in a row.

Gasoline reserves increased by 934 thousand barrels, distillates - by 2.9 million barrels. The Institute receives information from operators of refineries, oil storage facilities and pipelines on a voluntary basis.

The Ministry of Energy will publish official data later on Thursday.

Analysts surveyed by S&P Global Platts forecast an average increase in oil reserves of 4 million barrels, as well as a decrease in gasoline reserves by 1.8 million barrels and distillates by 2.6 million barrels.

The price of oil contracts for the coming month on the Shanghai International Energy Exchange (INE) on Thursday fell 3.8% to 444.7 yuan per barrel. Thus, it decreases for the third day in a row.