American light oil (WTI) ended Wednesday under 50 dollars a barrel Wednesday. It was the first time since April we saw prices in the 40s. The downturn continued Thursday. According to TDN Finans rate thus fell by over 20 percent over the past six weeks, which is the definition of the bear market.
On Friday morning costing WTI oil $ 48.68, up 0.5 percent, while Brent -Oil goes for $ 55.41, up 0.3 percent. By comparison, cost North Sea oil $ 56.29 when the stock exchange closed on Thursday.
The news agency justifies the price drop with an unexpected rise in crude oil stocks in the United States, released Wednesday, combined with continued high Opec production. This leads to increased concern for a long period of oversupply of oil.
– Over Supply The story continues. There is a lot of oil, and we should be in a period where we see a decline in oil stocks, says investment manager Jonathan Barratt in Ayers Alliance Securities to Bloomberg News.
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