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Oil moved to growth on expectations of data on US inventories



Benchmark oil prices began to rise during trading on Wednesday on expectations of US Department of Energy data on the country’s energy reserves. According to the American Petroleum Institute (API), US oil reserves increased by 1.03 million barrels last week. Experts on average expected a reduction in stocks of 5.37 million barrels, Trading Economics reports. Official data on US energy stocks will be released on Wednesday evening Experts interviewed by S&P Global Platts predict an average decrease in US oil inventories for the week ended February 19 by 4.8 million barrels, as well as a decrease in gasoline and distillate stocks, respectively. 2.8 million barrels and 3.5 million barrels. Bank of America analysts have raised their forecast for the cost of Brent oil in 2021 to $ 60 per barrel from $ 50 per barrel. Experts expect Brent to trade at an average of $ 50-70 per barrel until 2026. According to their forecast, OPEC + may change its policy if Brent stays above $ 60 per barrel. In the next three years, oil demand may show the highest growth rates since the 1970s, and oil prices could reach $ 100 per barrel, BofA notes. At the same time, analysts warn that the main downside risk in the short term is a new deal with Iran, as a result of which the oil supply may increase by 2 million bpd. The cost of April futures for Brent oil on the London ICE Futures exchange by 14:10 Moscow time was $ 65.89 per barrel, which is $ 0.52 (0.8%) higher than the price at the close of the previous session. The price of futures for WTI crude oil for April in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $ 62.06 per barrel, which is $ 0.39 (0.63%) higher than the level at the close of the market on Tuesday. Source: FINMARKET.RU

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