Oil prices fall on the back of rising US inventories and the growth of the production of Saudi Arabia

Oil prices fell towards $ 58 a barrel Wednesday, April 8 / April after data increase in US inventories showed With the announcement from the Saudi oil production reaching record levels.

The decline in crude prices, after rising yesterday when US crude approached its highest level in 2015 after strong jobs data and expectations of the government, down US production of crude and rising global oil demand growth.

By 15:42 Moscow time, futures dropped to the price of Brent "Brent" delivered May 15 / May, by 1.81% or $ 1.07 to $ 58.03 a barrel, while futures US crude fell delivery May 15 / Aaar 2.35% is equivalent to of $ 1.27 to $ 52.71 a barrel.

Today, government data showed that commercial crude oil inventories in the United States jumped about 11 million barrels last week, the biggest weekly increase since March / March 2001 due to a jump in imports, which rose last week by 869 thousand barrels per day.

Saudi Oil Minister Ali al-Naimi

AFP

Saudi Oil Minister Ali al-Naimi

Saudi Oil Minister Ali al-Naimi also said late yesterday that it is likely that Saudi production remains near 10 million barrels a day, after rising to a record high of 10.3 million barrels per day during the month of March.

Naimi said Saudi Arabia is still ready to help "improve" prices but with the help of other producers that are not members of the Organization of "OPEC".

In the same vein, the representative of Libya in the Organization of Petroleum Exporting Countries "OPEC" Samir Kamal noted that the organization must change their approach and reduce the supply of oil by 800 thousand barrels per day or more to prevent prices negatively affected by the expected return of Iranian exports.

It should be noted that at the last meeting of the organization last November Libya was among the Member States, which called for production cuts.

Source: "Reuters"