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Oil prices are moderately cheaper today

Today oil prices are slightly declining amid profit-taking after they reached their highest level since mid-March the day before. The cost of June futures for Brent oil on the London stock exchange ICE Futures by 8:24 Moscow time was $ 66.50 per barrel, which is $ 0.08 (0.12%) below the price at the close of the previous session. As a result of trading on Wednesday, these contracts rose by $ 2.91 (4.6%) – to $ 66.58 per barrel. The price of futures for WTI crude oil for May in electronic trading on the New York Mercantile Exchange (NYMEX) by 8:25 Moscow time was $ 63.01 per barrel, which is $ 0.14 (0.22%) below the level at the close of the previous session. The day before, the value of these contracts increased by $ 2.97 (4.9%) – up to $ 63.15 per barrel. Both contracts closed on Wednesday at their highest level since March 17, MarketWatch notes. The market was supported by the forecast for oil demand from the International Energy Agency (IEA), as well as data on stocks in the United States. The IEA yesterday raised its forecast for global oil demand in 2021 by 230 thousand bpd, citing an improved economic outlook. According to the IEA, oil demand in 2021 will reach 96.7 million b / d, which is 5.7 million b / d more than in 2020. The US Department of Energy, in turn, announced a decrease in oil reserves in the country last week by 5.89 million barrels. The decline in inventories was recorded for the third week in a row. Analysts at S&P Global Platts predicted a reduction in US oil reserves by 2.9 million barrels. US oil inventories are now 10% below the level at which they were exactly a year ago, said Peter McNally, an analyst at Third Bridge. “We are seeing this situation shortly before the summer travel season, which will start in the US next month,” he told MarketWatch. Source: FINMARKET.RU

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