Oil prices have decreased sharply

Oil prices on the world market yesterday went down. The quotes of North Sea oil Brent according to the results of trading on Tuesday fell below $ 59 per barrel - at least from the middle of summer. The quotes of futures contracts fell by 3.5-4%. Brent oil has already been 15% since the reached records at the end of August, after the Hurricane Katrina in the United States.

Quotes of futures contracts with the supply of WTI brand in November fell by 3.7%, to a two -week ago - $ 63 per barrel. The Russian oil of the Urals brand has lost it to a minimum since mid -September - 55.44 dollars per barrel.

The greatest impression on the market participants was reducing the consumption of oil products in the country. In addition, the US government has influenced the market, which is trying to bring down prices, promising to use strategic oil reserves.

Analysts do not exclude further decrease in oil prices and oil products. “We see that consumer behavior has changed - because of high prices, they consume less oil products,” said FIMAT analyst Michael Fizpatrick. According to preliminary estimates, gasoline consumption in the USA in September decreased by 3%. When this dynamics by the middle of winter, American consumers will not need either oil from strategic reserves, or additional capacities for its processing.

The shortage of petroleum products in the United States has aggravated after Hurricane Katrina and Rita, which disabled part of the oil refineries. Until now, 18% of the capacities of the refineries do not work in the United States, on which 1.3 million barrels of gasoline per day could be produced. According to analysts, last week, gasoline reserves in the United States were reduced by 2.3 million barrels.

According to the results of trading on Tuesday, the quotes of futures contracts for gasoline sank by 4% - below the mark of 2 dollars per gallon.