The world prices for oil on Thursday morning, show us a strong positive trend after the publication of the weekly data of US Department of energy, indicating the reduction of oil production in the country and amid reports about fires in Canada, according to the auction.
As at 07.34 Moscow time the cost of July futures for North sea petroleum mix of mark Brent has grown on 1,59% — to 45.33 USD per barrel. The price of the June futures for WTI crude oil climbed by 2.03% to 44.67 USD per barrel.
On Wednesday, the US Department of energy reported that commercial oil stocks in the country (excluding strategic reserves) for the week ended April 29 rose 2.8 million barrels, or 0.5% to 543,4 million barrels. Analysts believed that commercial oil stocks for the week increased by only 1,695 million barrels to 542,295 million barrels. At the same time, oil production in the U.S. last week, according to the Ministry, declined by 1.26% or 113 thousand barrels per day — up to 8,825 million barrels per day. Investors ignored the data about growth of stocks and responded only to the positive indicator for the extraction of “black gold” in the country.
Support prices continues to provide information about the fire in the oil Sands of Canada, which has forced some local companies to cut production. The city of Fort McMurray started the evacuation of the entire population of the city, which is home to more than 80 thousand people, there burned about 1600 buildings. A large forest fire due to dry weather began in Alberta a few days ago.
Because of the fires production at several oil production facilities were suspended, however, the amount of reduction in the production of “black gold” is still unknown. So, the canadian Suncor Energy announced that reduces oil production, to allow their employees to go to a safe place.
“The optimism of investors in relation to the price of oil has increased markedly. We believe that the increase in price is sustainable, and not just speculative driven income. We will probably see a global shortage of oil supplies in the third quarter of 2016”, — said the Agency Reuters , the head of the Department of strategy at the commodity markets, ETF Securities, Nitesh Shah (Nitesh Shah).
