Oil is trading in positive territory after declining reserves data in the U.S.

Oil is trading in positive territory after declining reserves data in the U.S.


MOSCOW, 22 Oct. World prices for oil on Thursday have demonstrated a positive dynamic within the correction after a decline the day before on data on growth stocks in the United States, according to AFP.

As at 10.13 GMT the cost of December futures for North sea oil mixture Brent grew by 0.50% to 48,09 per barrel. The price of December futures for oil of mark WTI has grown on 0,53% — up to 45.44 per barrel.

API released its estimates of oil reserves in the United States. According to these data, commercial stocks in the country rose by 7.1 million barrels last week to 473 million barrels, the forecast increase by 3.9 million barrels.

According to the energy information administration of the U.S. Department of energy, commercial oil reserves in the country (excluding strategic reserves) for the week ending October 16, up by 8 million barrels, or 1.7%, to 476,6 million barrels. Analysts had expected the index to increase by only 3,867 million barrels — up to 472,467 million barrels.

Oil production in the U.S. last week, according to the Ministry, has not changed and remained at the level of 0,96 million barrels. The oil reserves in the country’s largest terminal Cushing (Cushing) fell by 0.1 million barrels to 54.1 million.

Gasoline stocks in the USA fell by 1.5 million barrels, or 0.7%, and amounted to 219,8 million barrels. Analysts had expected a decline by 0,858 million. Distillate inventories also fell by 2.6 million barrels, or 1.8%, to 145 million barrels. Analysts predicted that the index would decline at 1,272 million barrels.