Oil (current news)
Oil prices are falling, despite the reduction in stocks of raw materials and petroleum products in the US.
- According to yesterday’s data from the EIA, the US oil inventories fell by -6.861 million barrels, exceeding the previous decline of -4.948 million barrels.
- Oil reserves in Cushing fell by -4.184 million barrels against the decline in the previous period at -2.395 million barrels.
- The reserves of distillates decreased by -3.887 million barrels, against the growth of 4.254 million barrels in the previous period.
- Gasoline stocks rose 0.185 million barrels, against the decline in the previous period at the level of -0.157 million barrels.
The main pressure on oil quotes is provided by the growth of the US oil production.
- According to the US Department of Energy, oil production in the country has grown to 9.75 million barrels per day, which in the near future may exceed the level of 10 million barrels per day.
Experts also note an excessive growth of speculative positions on oil growth. One should expect the profit fixation on them, which will lead to a slight decrease in oil quotations.
- At the moment, WTI crude oil is traded at $ 63.16, losing about -1.24% in price.
- Brent crude oil is traded around $ 68.53, losing about -1.13% in price.
Also, see Technical Analysis of Oil
Alexander Sivtsov