Yesterday at the oil trading sessions in New York and London, oil prices changed within fairly narrow ranges and by the close had changed differently. Thus, on the International Petroleum Exchange (IPE) in London, quotes for futures on Brent crude oil for the nearest delivery month rose by 11 cents and reached $40.75 per barrel. But on the New York Mercantile Exchange (NYMEX), futures for Light Sweet crude oil for the nearest delivery month, on the contrary, fell in price by 14 cents and amounted to $44.10 per barrel. Overall, yesterday's oil trading was characterized by reduced activity and a relatively low volume of transactions, reports the market analysis department of LIGABiznesInform.
According to analysts, the main reasons for yesterday's price stability on the global oil market are the approaching Christmas and the absence of fears regarding a sharp increase in demand for oil and petroleum products from major consumers in the near future. This was also to some extent facilitated by a report in the newspaper "China Daily" that Chinese oil reserves may increase by 20.5 billion tons. After all, already today proven oil reserves on the shelf of the Bohai Bay of the Yellow Sea amount to 9 billion tons. Additionally, according to experts' estimates, up to another 11.5 billion tons of "black gold" may be located in this area. This will make it possible to meet China's needs from its own oil for many years. According to estimates by Chinese experts, at present approximately one third of all oil consumed in China is imported. According to official data, in the first 10 months of the current year, oil production in China amounted to 145 million tons.