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Oil continues to grow on expectations of US Department of Energy data



Benchmark oil prices continue to climb on expectations of the US Department of Energy’s weekly report on energy reserves in the country. The cost of March futures for Brent oil on the London stock exchange ICE Futures by 14:41 Moscow time was $ 56.59 per barrel, which is $ 0.01 (0.02%) higher than the price at the close of the previous session. The price of futures for WTI crude oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $ 53.32 per barrel, which is $ 0.11 (0.21%) higher than the level of previous trading. Oil prices closed yesterday at their highest levels since February 21 last year. According to the American Petroleum Institute (API), US oil inventories fell 5.8 million barrels in the week ending January 8. The decline was noted for the third week in a row and became the maximum since the end of October. A week earlier, stocks fell by 1.7 million barrels. The official report on energy reserves will be published by the US Department of Energy today at 18:30 Moscow time. Experts interviewed by Bloomberg, on average, expect a decline in oil reserves in the United States by the end of last week by 3 million barrels. “We are seeing a dynamic bullish trend, and the market still expects oil inventories to decline quite rapidly as a result of Saudi Arabia’s previously announced production cuts,” said Andrew Lebow, senior partner at Commodity Research Group. the moment such bullish trends lead to a rise in the market above the equilibrium price of oil, “- quotes the expert agency Bloomberg. Meanwhile, Saudi Arabia has cut oil supplies to at least nine refiners in Asia and Europe after deciding to cut production by 1 million barrels per day in February Saudi Arabia’s state company Saudi Aramco will supply less oil next month under long-term contracts, as a result of which some refineries in Asia will receive 20-30% less than expected, Bloomberg reported, citing company executives. which usually buys small volumes of oil from Saudi Arabia, will not receive a single oh party. Source: FINMARKET.RU

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