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Oil rises in price on expectations of growth in demand for fuel



Benchmark crude prices are rising on expectations of rising fuel demand, which overshadowed the unexpected increase in US oil inventories. Data from the US Department of Energy on Wednesday showed an increase in oil reserves in the country last week by 1.28 million barrels. Experts interviewed by Bloomberg expected a decline in oil reserves by 6.5 million barrels. S&P Global Platts respondents predicted their decline by 4.8 million barrels. “Refining volumes fell 2.6 million barrels per day (b / d), with 90% of the decline coming from the US Gulf Coast due to a blizzard,” said ClipperData analyst Matt Smith, quoted by MarketWatch. He stressed that “this decline in oil refining exceeded the decline in oil production, which averaged 1.1 million bpd per week.” The market as a whole ignored the bearish data, continuing to focus on positive outlooks related to a reduction in the increase in COVID-19 cases, writes S&P Global Platts. US Department of Energy data “failed to dampen market optimism that increasing vaccine availability is translating into relaxation of restrictions and increased demand in the US,” analysts at ANZ said. “In India, increased travel has allowed demand to return to pre-pandemic levels, and consumption in China has also rebounded significantly,” they added. The situation is improving in Europe, where, according to the forecast of S&P Global Platts Analytics, in February gasoline demand is expected to grow by 60 thousand bpd compared to January. Mobility indices in the five largest economies in the region (UK, Germany, Spain, Italy and France) are improving, according to Google. Now they are on average 37.7% lower than the pre-crisis level, and a week earlier this lag was 40.4%. The cost of April futures for Brent oil on the London ICE Futures exchange by 8:47 Moscow time is $ 67.44 per barrel, which is $ 0.40 (0.60%) higher than the price at the close of the previous session. As a result of trading on February 24, these contracts rose by $ 1.67 (2.6%) – to the maximum since the beginning of January 2020, $ 67.04 per barrel. The price of futures for WTI crude oil for April in electronic trading of the New York Mercantile Exchange (NYMEX) by this time increased by $ 0.29 (0.46%) – to $ 63.51 per barrel. The day before, these contracts rose in price by $ 1.55 (2.5%) – to $ 63.22 per barrel. According to Dow Jones Market Data, this is the highest close of trading since January 6 last year. Source: FINMARKET.RU

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