International Markets Register Rise in Oil Prices

Energy | February 6, 2015, Friday // 12:18|  views

Photo: BGNES

Oil prices are demonstrating a steady rise on international markets. Brent was trading at USD 57,11 per barrel of petroleum on Monday morning, while WTI has recorded an increase of 1,41% reaching a price of USD 51,19 per barrel, the BBC reported.

Analysts commenting on the new development, stating the increase is temporary and a new low in prices is expected on account of the newly updated information on the US oil reserves.

Over the past several months oil prices on the international markets have hit a six-year low as a result of the increase in suppliers. The data published on Wednesday shows that US oil supplies have reached their highest point as compared to the past 80 years. This has caused a decrease in prices of almost 9 percent.

The economic prognosis of the European Commission states that in case oil prices remain relatively low throughout the year, EU economy will be able to record a growth higher than the one expected for 2015.

Meanwhile, fuel prices in Bulgaria registered a decrease of approximately 15% since the summer of 2014. Currently, selling prices of BGN 1.99 per liter can be seen at gas stations across the country.

The eurozone is still facing major setbacks, including lower than expected inflation rates, as well as a number of member countries not being able to comply with set deficit and debt rates.

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Tags: rise, US, prices, fuel, oil, EU, Eurozone

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