Oil is still under pressure. Data on oil and petroleum products.

Oil prices are recovering against the background of a decline of the US stocks of raw materials over the past week. According to published data, oil reserves fell by -5.610 million barrels, against the decline in the previous period at -3.429 million barrels. In turn, the reserves of gasoline increased by 6.780 million barrels, against the growth in the previous period at 3.627 million barrels, which is associated with a seasonal decline in demand.

Distillate stocks increased by 1.667 million barrels, while analysts expected growth of 0.967 million barrels. The growth in oil products stocks is hampered by the recovery in oil prices, as it may negatively affect the decline in raw material stocks in the next reporting period.

• At the moment, WTI crude oil is trading at $ 56.78, losing about -1.46% in price.
• Brent crude oil is trading at around $ 62.11, losing about -1.19% in price.

Also, see Technical Analysis of Oil.

Alexander Sivtsov