World oil prices in the course of trading on Thursday continued to decline amid reports the U.S. Department of energy informing about the increase of weekly inventories in the country.
As at 07.57 GMT the cost of the June futures for North sea petroleum mix of mark Brent fell by 1.43% to 43,55 USD per barrel. Price of may futures for oil of mark WTI fell by 1.29% to 41,22 USD per barrel, reports RIA “Novosti”.
On Wednesday the U.S. Department of energy reported that commercial oil reserves in the country (excluding strategic reserves) for the week ending April 8 rose to 6.6 million barrels, or 1.3% to 536.5 million barrels. Data was significantly above the forecasts of analysts who had expected growth rate at only 1,850 million barrels – up to 531,75 million barrels.
Oil production in the U.S. last week, according to the Ministry, has decreased on 0,34%, or 31 thousand barrels per day – up to 8,977 million barrels per day. The oil reserves in the country’s largest terminal Cushing (Cushing) fell by 1.7 million barrels – up to 64.3 million barrels.
Gasoline inventories in the US declined 4.2 million barrels, or 1.7%, to 239,8 million barrels. Analysts had expected lower at 1,393 million barrels. Distillate inventories increased by 0.5 million barrels, or 0.3%, to 163,5 million barrels. Analysts predicted that this indicator will increase by 0,281 million barrels.
Now the attention of market participants focused on the forthcoming meeting of the countries-oil producers on the issue of freezing of the production level in Doha on April 17. According to analysts Morgan Stanley, which leads to Reuters, “any agreement establishes the bearish catalysts in the months ahead”.
