Oil prices stabilized on November 17 after falling in the previous session to their lowest levels since July, Report informs referring to Interfax.
The cost of January futures for Brent on the London ICE Futures exchange on November 17 amounted to $77.45 per barrel, which is $0.03 (0.04%) higher than at the close of the previous session.
WTI oil futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) rose in price by $0.04 (0.05%) by this time to $72.94 per barrel.
Since the beginning of this week, both Brent and WTI have fallen by more than 5%.
The market is being pressured by signals of a weakening global economy while oil reserves remain high in the US. As the Department of Energy reported on November 15, the country’s reserves jumped by 17.5 million barrels over the past two weeks.