Oil quotes are changing slightly, but the end of the week has closed with a decline. Similar situation was in the market at the end of October. The decline in oil prices is explained by a weak demand forecast and an increase in supply.
January Brent futures are 20 cents or 0.33% down, at 61.16 on Friday morning. At the end of ICE Futures trading session on Thursday evening, the contract price dipped by 51 cents or 0.82%, to $61.36 a barrel.
December WTI futures are 13 cents or 0.24% down, at 55.27 on Friday morning. At the end of NYMEX trading session on Thursday evening, the futures price dipped by 19 cents or 0.34%, to $55.14 a barrel.
A slight rise in WTI price was due to TransCanada oil pipe break in South Dakota. The company said 5000 barrels of oil leaked, after that the pipeline stopped operating until the accident is clarified. However, despite a slight rise, WTI price has lost 2.6% and Brent - 3.4% since Monday.