02.10.2014 - Oil fell to a minimum in 17 months

The price of American Light Sweet crude oil continues to decline amid rising oil inventories in the largest terminal in the United States - Cushing by 305 thousand barrels. Quotes decreased to a minimum in 17 months on weak data on the manufacturing PMI in the United States which fell to 56.6, which is 2.0 worse than the experts' forecasts. Statistics on the reduction reserves of oil in the United States by 1.4 million barrels could not change the mood of traders. We continue to maintain a medium-term negative outlook due to the growth in the supply of oil from the United States and the countries of OPEC, as well as weakening demand in the euro area and China.

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