Oil prices falling on world markets

Baku. 26 October. REPORT.AZ/ Oil prices on world market began to fall after the report released by American Petroleum Institute (API). 

Report informs citing the İnvesting.ru, according to the API's weekly reportUS crude oil stocks gone up by 4.8 mln barrels on October 17-23. Notably, previous week, crude oil reserves decreased by 3.8 mln barrels. However, gasoline stocks increased by 1.7 mln barrels. After the announcement of the indicator Brent crude oil price of decreased by 2.5% from 51.5 USD/barrel to 50.2 USD/barrel.

Notably, today Energy Information Administration of US Department of Energy will announce official weekly report on oil stocks. According to analysts, crude oil reserves will rise by 800,000 barrels.

Analytical Group of Report believes the increase in oil reserves will be more than forecasts by US Department of Energy. In addition, the meeting of oil countries is expected this week.

The meeting will focus on determination of quotas for oil producing countries before the OPEC summit to be held in Vienna on November 30.Azerbaijan was also invited to the meeting. In turn, Europe's main oil producer, Norway has not accepted the invitation.It shows that it will be difficult to reach consensus on production. This factor indicates the negative pressure on oil prices. Oil prices are likely to drop down below 50 USD/barrel.