World oil prices accelerated the fall

Oil prices intensified the drop in the auction on Monday, the cost of Brent oil dropped below $ 45 per barrel for the first time since the beginning of May, Interfax reports.

The cost of September Brent oil futures on the ICE Futures London Exchange by 16:40 Moscow time sank by $ 0.82 (1.8%) to $ 44.86 per barrel.

The price of WTI oil for September at electronic trading in the New York commodity exchange (NYMEX) decreased by this time by $ 0.88 (1.99%) to $ 43.31 per barrel.

A decrease in oil prices is due to the ongoing increase in oil products in the world with adverse demand forecasts, analysts write.

Thus, the data of the Baker Hughes oil company about the increase in the number of drilling plants in the United States, published on Friday, remain relevant. Following the results of the working week on July 22, the number of drilling plants in the United States increased by 15 units and amounted to 462 units.

Data indicating an increase in oil products around the world cause fears that the demand for oil from oil refineries may be reduced.

In addition, stocks of reserves create concerns among investors that the operations of American shale oil producers are more flexible than previously expected.

Finally, China announced an increase in gasoline exports in June to a record 1.1 million tons, which is twice as high as the previous year.

“The mood of the oil market participants is gloomy,” says Commerzbank. “Financial investors continue to leave the market, and this creates pressure on prices.”

According to the Barclays British Bank, the global demand for oil in the III quarter of 2016 is 66% lower than in the same period a year earlier, due to a slowdown in the pace of the lifting of the world economy.

So, despite the peak of the automobile season, gasoline reserves in the United States grew by 900 thousand barrels last week, and their increase was noted for the fourth time in the last five weeks.

"Demand for oil from oil refineries for oil is significantly lower than demand for the final product," REUTERS quoted the opinion of an unnamed analyst Morgan Stanley.

He explained that stable oil supplies by the United States and a decrease in fuel demand for transport, as well as excess fuel reserves for oil refineries contribute to this. Growing economic risks also create the risks of further decreasing prices for black gold.