Oil is cheaper on the data about growth of stocks in the United States

Нефть дешевеет на данных о росте запасов в США

Now the US has over a thousand of drilling rigs

Over the past week oil stocks in the USA increased by 4.85 million barrels. The analysts expected their decrease.

World oil prices fall after data showed the American petroleum Institute (API) about unexpected growth of stocks of raw materials in the United States. This according to the auction the morning of Wednesday, may 16.

So, the price of July futures for North sea Brent crude on London’s ICE Futures exchange at 9:00 am in Kiev declined to $0,24 (0,31%) to $78,19 a barrel.

The cost of June futures for WTI crude in electronic trading on the new York Mercantile exchange (NYMEX) decreased by $0,20 (0,28%) to $71,11 per barrel.

According to the API, over the past week oil stocks in the USA increased by 4.85 million barrels. The analysts expected reduction of stocks at 763 thousand barrels. In the previous week, the index fell 1.85 million barrels, according to the same organization.

While gasoline inventories fell by 3.4 million barrels (versus expectations for a decline of 1.42 million), distillates – by-768 thousand barrels (expected reduction of stocks by 2.2 million barrels). The oil reserves in the country’s largest terminal in Cushing rose by 62 thousand barrels.

Official data on oil reserves in the country, from the U.S. Department of energy, will be published later on Wednesday.

The price of oil rose above $ 78 a barrel, the maximum values from July 26, 2014. Commodity prices rose against the background of the publication of the report of OPEC, which, in particular, we raised the forecast of growth of demand for oil in the world by the end of 2018.

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