Oil with a new low after US stocks increased last week

Oil fell in early session today. Brent traded at a price of $ 51.63 a barrel today, down to $ 1.36, while futures for WTI fell by $ 1.37 to $ 46.87 a barrel. The decline comes after last week reaching values up to 6-year lows after it became clear that there was an increase in oil inventories in the largest consumer – the United States.

According to some analysts, the decline is now due to profit taking after the events of last week. Some of them growing speculation that some of the companies for the extraction of oil will cut their budgets, and hence production, may increase the price in the near future.

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