Barrel of oil below the 42 dollars barrier

Oil settled downwards again in New York. An increase of US reserves affected it, something that led to an increased concern about the high global supply.

After losing more than a dollar on Wednesday, a barrel of “light sweet crude” (WTI) for December delivery fell $ 1.18 to settle down at 41.75; its lowest level since late August. This deepens the crisis of Ecuador, whose _ 2016 budget does not expect revenues from this category that years ago fostered the public investment.

In London, a barrel of Brent North Sea for December fell $ 1.75, settling down at 44.06. The prices were stabilizing around $ 45 but fell again in early November.

“Production remains high in the United States and the rest of the world,” said Andy Lipow of Lipow Oil Associates. Yesterday, “the market continued with a downward trend by the oil reserves increase” in the United States, he said.

Source: http://expreso.ec/expreso/plantillas/nota.aspx?idart=8661353&idcat=38229&tipo=2