World oil prices on Friday morning are adjusted upward after a sharp decline the day before because the data of U.S. Department of energy of the great growth stocks of gasoline and distillates.
As 06.57 GMT the cost of the September futures for North sea petroleum mix of mark Brent has grown on 1,23% – to 46,83 USD per barrel. The price of August futures for oil of mark WTI have grown on 1,45% – to 45.40 dollars per barrel, reports RIA “Novosti”.
According to the US Department of energy, commercial oil reserves in the country (excluding strategic reserves) for the week ended 8 July, fell by 2.5 million barrels, or 0.5% to 521,8 million barrels. Analysts believed that stocks for the week will be reduced by 2.95 million barrels to 521,45 million barrels. Oil production in the U.S. last week, according to the Ministry, increased by 0.67% or by 57 thousand barrels per day – up to 8,485 million barrels per day.
The oil reserves in the country’s largest terminal in Cushing fell by 0.2 million barrels – up to 63.9 million barrels. Gasoline inventories in the U.S. increased by 1.2 million barrels, or 0.5% to 240,1 million barrels. Analysts, however, expected that the rate will be reduced by 0,432 million barrels. Distillate stocks rose by 4.1 million barrels, or 2.7 percent to 153 million barrels. Analysts predicted that this figure will increase only 0,256 million barrels.
This report reinforced the negative sentiment in the oil market caused by the International energy Agency (IEA). According to the organization, the world’s oil reserves last month continued its growth.
“We know that now is the process of restoring balance on the market, but pressure on oil prices persists. The market has already seen rapid price increases to the level of 50 dollars per barrel, so it is possible that we will see the same rapid drop to a level below 40 dollars”, – commented on the situation Reuters, senior Manager at Phillip Futures in Singapore Avtar Sandu.
