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Oil depreciates amid growing US gasoline inventories

Oil prices are falling today after US Department of Energy data showed a significant increase in gasoline reserves in the country last week. The cost of June futures for Brent oil on the London stock exchange ICE Futures by 8:21 Moscow time was $ 62.84 per barrel, which is $ 0.32 (0.51%) below the price at the close of the previous session. As a result of trading on Wednesday, these contracts rose by $ 0.42 (0.7%) – up to $ 63.16 per barrel. The price of futures for WTI crude oil for May in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $ 59.38 per barrel, which is $ 0.39 (0.65%) below the level at the close of the previous session. On Wednesday, the value of these contracts rose by $ 0.44 (0.7%) to $ 59.77 per barrel. Yesterday, the US Department of Energy announced a decline in oil reserves in the country last week by 3.52 million barrels. However, gasoline inventories rose by 4.04 million barrels – more than analysts expected, writes S&P Global Platts. Avtar Sandu, senior commodities manager at Phillip Futures, said the rise in gasoline inventories raises concerns that an increase in COVID-19 cases could further diminish the outlook for demand. “Given the assumption that the economic situation is improving, a decrease in gasoline stocks was expected,” he said. However, some analysts believe that the increase in gasoline stocks could be due to a surge in imports ahead of the summer travel season in the US, when fuel demand usually rises. Meanwhile, the rise in the incidence of coronavirus infection in some large countries continues to cause concern for investors. In addition, there are concerns about the situation around the AstraZeneca coronavirus vaccine. The UK Government’s Vaccine Advisory Group (JCVI) has recommended that people under 30 years of age not be vaccinated with AstraZeneca due to reported cases of thrombosis following vaccination, and the European Medicines Agency (EMA) has concluded that the risk of blood clots should be included in the list of rare adverse events. the effects of this vaccine. “The delay in vaccination may partially reduce the market’s optimism regarding the demand (for oil – IF) in the Northern Hemisphere in the coming summer,” analysts at ANZ say. Source: FINMARKET.RU

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