World oil prices decline on Tuesday under pressure from a strengthening dollar and investors ‘ expectations data on stocks of energy resources in the United States from the American petroleum Institute (API), according to the auction.
As at 07.21 GMT the cost of July futures for North sea petroleum mix of mark Brent fell by 0.48% to 48.12 $ per barrel, WTI – on 0,42%, to 47,88 USD per barrel, reports RIA “Novosti”.
The dollar index (dollar to a basket of six currencies of countries – major U.S. trading partners) grew by 0,08% to 95,32 item. A stronger us currency makes dollar-traded oil more expensive for investors holding foreign currency.
Along with this, investors are expecting publication later in the night from Tuesday to Wednesday data API oil reserves in the US for ended 20 may week. According to estimates by Reuters, inventories decreased by 2.5 million barrels to 538,8 million barrels. Gasoline inventories, according to the forecast, fell by 1.3 million barrels, and distillates – on 1 million barrels. The Agency explains its forecast decreased demand for energy sources and preparing the United States for the summer season.
A little pressure on the price of oil continues to have renewed investors ‘ fears of a global oversupply of the commodity in the market. So, Canada gradually resumes production in large complexes that had been closed for two weeks due to fires in Alberta. While they were closed, oil production in Canada decreased by about 1 million barrels a day. Analysts also discuss the potential for increased supply from Libya’s state National Oil Co. said earlier that shipped 660 thousand barrels of oil from the Eastern port of the country.
