Resource-based deals: petroleum goes down for two weeks in a row

WTI crude goes down on November 7, after the industry-funded American Petroleum Institute (API) publication. 
Thus, Brent prices for December have fallen to $72 per barrel and lost 0,18% on the London-based ICE Futures Europe exchange. At the same time, December West Texas Intermediate futures have decreased by half per cent to $61,9 per barrel on the New York Mercantile Exchange. 
It should be noted that WTI has been going down during the last eight sessions straight, which is the longest period of oil falling since 2014. 
Traders sure that we will not see a deficit of petroleum delivery, considering increase a rise of US oil production and thanks to several exceptions in sanctions against to Iran which helps Tehran to continue production and export of oil. 
"The details on the Iran sanctions waivers are trickling out, and it appears much more Iranian oil will remain on the market in the near-term than previously thought," said Again Capital Management partner John Kilduff. 
In accordance with the previously published report by API, US oil reserves had been rising by 7,83 m barrels during last week. This is the fifth time when American Petroleum Institute reports about the incremental oil reserves. 
GMO Traders waits for official information from EIA, if organization confirms it, the oil prices will go down again. So, in other words, we still haven`t found the bottom border. 
Trade oil with GMO Trading to get the best result!

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