Oil has fallen 11% against its local maximum in the October total. Energy Agency released the latest data on oil reserves in the US oil tankers - Materials AMarkets.
According to the US EIA, oil reserves have increased by 8 million barrels last week.
Dynamics of US oil reserves:
In fact, crude oil inventories rose to the highest level this year. Now their volume is estimated at 376.6 million barrels, which can provide about 31 days of continuous use at the current level of oil use. This is 7 days more than the historical average, counting from 2009. If you add in the calculation of the seasonal factor, the current value of oil reserves - it is a record for almost 80 years past. Other factors not in favor of the rise in oil prices - slowing China and the growing issue of raw materials from the member countries of OPEC.
It is interesting that on this background there yet, and opinions in favor of the rise in oil prices - the authors wrote portal ZeroHedge. Thus, the IMF predicts that in 5 years, Saudi Arabia would be bankrupt if we consider the growth rate of debt, fiscal deficit, and others.