The price of oil topped $71 after sharp fall the day before

Цена на нефть превысила $71 после сильного падения накануне

In the United States was at its highest from March 2017, the growth of oil reserves – by 6.81 million barrels.

Oil prices reference marks are rising in the Asian session on Thursday after a significant decline the previous day on data on an unexpected increase in commercial stocks of fuel in the United States.

It is reported by Interfax on Thursday, August 16.

October futures for Brent on London’s ICE Futures exchange at 9:00 on Kiev went up by $0,34(0,48%) to $71,10 per barrel. At the auction the previous day, their price decreased $1.7 (2,35%), and accounted for at closing $70,76 per barrel, the lowest level in ten weeks (from 6 June).

Quotes of WTI oil futures for September on Thursday morning rose to $0,13(0,20%) to $65,14 per barrel. At the end of last session, the price fell by $2,03 (3,03%), closed trading at $65,01 per barrel – the lowest level since April 9.

Energy Department data released on Wednesday, indicated a maximum in March 2017, the growth of oil reserves in the US last week – by 6.81 million barrels. Experts interviewed by The Wall Street Journal on average expected decline in reserves of 2.4 million barrels.

Reserves of oil at the terminal in Cushing where NYMEX-traded oil, rose by 1.6 million barrels after declining for the previous 12 weeks. Reserves of gasoline in the country by the end of the week decreased by 740 thousand barrels, distillates – have increased by 3.57 million barrels.

Oil production in the U.S. last week increased by 100 thousand barrels per day (b/d) to 10.9 million b/d.

“Falling prices have appeared after the API data on Tuesday afternoon. Confirmation from the energy Ministry pushed quotes even lower, while traders continue to monitor the situation between the US and Turkey”, says Alfonso Esparza of Oanda.

Quotes of the December contract for crude oil on the Shanghai international energy exchange (INE) decreased by 1.8% and up 500,7 yuan per barrel. On Wednesday they lost in the price of 1,1%.

On the eve of Brent crude has fallen in price to 72.33 dollars per barrel (0,18%) and WTI crude oil fell to 66.74 per barrel, having lost 0.45 percent.

We will remind, several days earlier, oil prices rose sharply because of duties to the United States to China.

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