The price of oil on the world's major exchanges fell by several dollars. So, the official price of oil WTI (Light Sweet) on an urgent Mercantile Exchange New York Mercantile Exchange (NYMEX) in New York trading results October 14, 2014 decreased by $ 3.90 to $ 81.84 per barrel.
At the same time, the official price of Brent crude in electronic commodity exchange InterContinental Exchange Futures Europe (ICE Futures Europe) on the basis of trading on October 14 fell by $ 3.85 to $ 85.04 per barrel.
World oil prices fall over the past three months. Since June 2014 Brent crude oil price declined by approximately 20%, and last week broke through the psychological barrier of $ 90 per barrel.
Falling oil prices comes amid growing global supply and demand reduction. The International Energy Agency (IEA) on Oct. 14 lowered the growth forecast of average daily global oil demand in 2014 from 1.3 million barrels to 700 thousand. IEA predicts that for the entire 2014 average daily global oil consumption was 92.4 million barrels.
At the same time in September this year, the supply of oil to the world market increased by 910 thousand barrels a day - to 93.8 million barrels a day. This figure is 2.8 million barrels higher than a year ago.
The Organization of Petroleum Exporting Countries (OPEC) had previously reported that it would not cut production to reduce supply and support prices. According to the IEA, in September 2014 the OPEC production volumes were brought to 30.66 million barrels per day, which is more than 300 thousand barrels more than in August, and the highest rate in the past 13 months, reports RBC. -12D--
Economics
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