On Thursday, during trading in Asia, oil prices fell again, as the market focused on the excess of reserves. Earlier, prices rose on expectations that large manufacturers can reduce production.
On the Mercantile Exchange NYMEX futures price of WTI crude oil for March delivery fell $ 0.43, or 1.3%, and was at $ 31.87 a barrel. The cost of Brent crude oil for March delivery on the London futures exchange fell $ 0.38, or 1%, to $ 32.78 a barrel.
Oil prices rose slightly after the news that Russia and Saudi Arabia might consider reducing production.According to news agencies, the Kremlin spokesman said that during talks with Russian officials their foreign colleagues talking about taking any measures to reduce the production of raw materials does not occur.
During the bidding in Asia, the price of oil fluctuated after data US Department of Energy that the volume of oil reserves in the country grew by 8.4 million barrels in the last week - the data on January 22. Steady fall in commodity prices has led to the fact that all the oil companies reduced investment and production plans, including China.
Chinese energy giant China Petroleum & Chemical Corp., the state-controlled, said Wednesday that oil and gas production decreased by about 2% in 2015. China's national oil company China National Offshore Oil Corp. It said it plans to produce 470.485 billion barrels of oil this year.