The oil continues to rise on inventory reduction in the US and the weakening dollar

MOSCOW, 22 sen — RIA Novosti/Prime. The world prices for oil on Thursday grow, continuing the positive trend of trading environment caused by the data about unexpected reduction of stocks of “black gold” in the United States from the Department of energy of the country and the weakening of the dollar, according to the auction.

As 07.57 MSK price of November futures for North sea petroleum mix of mark Brent has grown on 0,98% — to 47,29 dollars per barrel. The price of November futures for WTI crude oil rose by 1.06% to 45,82 USD per barrel.

US Department of energy on Wednesday reported that commercial stocks of oil in the country (excluding strategic reserves) for the week ended 16 November dropped for the third consecutive week by 6.2 million barrels to of 504.6 million barrels. Analysts, however, expect the growth rate is at 3.35 million barrels to 514,15 million barrels.

“Oil prices rose after the data is US Department of energy showed that crude stockpiles declined to the lowest level since February”, — quotes Reuters the words of analysts from ANZ Bank.

Additional support to the rising cost of oil is having a weakening dollar, which makes the purchase of “black gold” is cheaper for investors. This is due to the results of the September U.S. Federal reserve meeting on monetary policy, which became known on Wednesday. The dollar index (dollar to a basket of six currencies of countries — major U.S. trading partners) is reduced by 0.07%, to 95,43 points.

The fed kept its benchmark interest rate at 0.25-0.5% per annum, and also lowered its forecast for further rate increase. In 2016 it is expected now only one raise instead of two previously, to the average level of 0.6%. A further increase in rates (in years 2017-2019 and long term) will also be less aggressive than expected in June.

The balance of power on the world oil market