World oil prices on Friday moved to growth after a decline Thursday, continuing to win back the controversial data on its reserves in the United States.
As at 08.07 GMT the cost of may futures for North sea petroleum mix of mark Brent rose 1.9% to 40,81 dollars per barrel, the April futures for WTI – by 2.35% to 38,73 dollars per barrel, reports RIA “Novosti”.
According to the U.S. Department of energy published on Wednesday, gasoline stocks in the country fell by 4.5 million barrels, or 1.8%, to 250,5 million barrels. Analysts had expected the decline, which only 1.39 million barrels. Distillate inventories also fell 1.1 million barrels, or 0.7 percent, to to 162.5 million barrels. Analysts predicted that the indicator will fall only on 0,043 million barrels.
Commercial oil reserves in the country (excluding strategic reserves) for the week ended 4 March, when it increased by 3.9 million barrels, or 0.7%, to 521,9 million barrels. Analysts believed that a rate increase of 3,867 million barrels – up to 521,867 million barrels.
Overall the oil market continues to be volatility. According to analysts, the focus of investors is aimed at announced a meeting of OPEC and non-OPEC producing mining to be held in March.
“Even if there is a short-term rebound in prices, the fundamental factors remain unchanged. Stocks (raw materials) remains large, so even if they (the producers) will take the decision to freeze the production level will remain high,” he told Agence France-Presse strategist at IG Markets in Singapore Bernard Oh.
He also added that the results of the negotiations will be negative, oil prices will return to around 30 dollars per barrel or below.
