Oil price downturn: Brent - $57.35, WTI -$53.59

World prices of "black gold" have declined again.

This comes amid expectations of the increase of oil volumes in the United States, where the market observes signs of continued global overproduction. By the end of the session at the London ICE Futures Exchange the price of February contracts for Brent oil fell by $0.53 to $57.35 per barrel, TASS reports.

In the New York Mercantile Exchange, where tradings continue, the price of a barrel of Texas light sweet (West Texas Intermediate - WTI) for supply in February declined by $0.05 and fixed at $53.59.

Data on oil volumes in the United States for the last week will be made public on Wednesday, however, according to the forecast of analysts, surveyed by Bloomberg, the US reserves are expected to increase 900 000 barrels to 388.1 million barrels, the highest rate since the beginning of such summary statistics in 1982.

"The North American oil has changed the mood of the market," Gene McGillian, the analyst at Tradition Energy, said. -We observe a global oil surplus. Factors that have dominated the market in the past few months, are its principal characteristics".