The world price of oil during trading on Thursday, down amid data from the U.S. Department of energy about the unexpected growth of stocks of “black gold” in the country, but also due to the strengthening of the dollar after the release of minutes from the April meeting of the Federal reserve system of the United States.
As of 07.45 GMT the cost of July futures for North sea petroleum mix of mark Brent has decreased on 1,39% – to 48.25 per barrel. The price of the June futures for WTI crude oil fell by 1.14% – to 47.64 per barrel, reports RIA “Novosti”.
US Department of energy on Wednesday reported that commercial stocks of oil in the country (excluding strategic reserves) for the week ended may 13 rose unexpectedly by 1.3 million barrels to 541,3 million barrels. Analysts believed that the rate for the week decreased by 2,833 million barrels to 537,167 million barrels.
Thus, despite a regular decrease in oil production in the US – according to the report, the energy index for a week has decreased by 11 thousand barrels per day, up to 8,791 million barrels per day – an unexpected increase in stocks of “black gold” in the country resumed decline in oil prices.
“We believe that the oil market has grown too much and too quickly,” Reuters quoted experts from BNP Paribas.
Pressure on the dynamics of the market of “black gold” provides and strengthens world currencies, the dollar, which makes buying oil more expensive for investors holding other currencies. The strengthening of the dollar caused by published on Wednesday the minutes from its April meeting, the fed, which increased the likelihood of rising interest rates in the country June. The dollar index (dollar to a basket of six currencies of countries – major U.S. trading partners) grew by 0.04% to number-95.22 points.
