After high, barrel of oil shut down

Oil prices closed lower after a volatile session on Wednesday (16), as the market gave more importance to a larger than expected increase in stocks of the United States than for Russia's comments about a possible meeting with the Saudi Arabia renewed hopes for an agreement on freezing of production.

Brent oil closed at 0.32 dollar drop, or 0.7%, to $46.63 per barrel, while oil fell 0.24 u.s. dollar, or 0.5%, to $45.57 a barrel.

The crash occurred after a high of almost 6% on Tuesday by news that the Organization of petroleum exporting countries (Opec) would intensify efforts to restrict production before their official meeting in Vienna.

The Russia said it was ready to support the OPEC decision on a production freeze and you see big chances of the producer group agree on details of the Pact until Nov. 30, said Russian Energy Minister Alexander Novak.

Meanwhile, the Energy Information Administration (EIA) reported that crude stocks grew for the third consecutive week and more than expected, on 5,300,000 barrels last week. Analysts predicted an increase of 1.5 million barrels.

Source: G1


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