Commercial oil reserves in the U.S. for the week ended October 16, grew by 8 million barrels. Despite this, the price of December futures for North sea petroleum mix of mark Brent rose to equal to 48.59 per barrel.
MOSCOW, 22 Oct. World oil prices have strengthened their upward trend despite greater-than-expected growth of reserves of “black gold” in the United States that analysts believe that the “surplus” in the oil market will remain, by reducing stocks of oil products, according to AFP.
As at 15.16 MSK price of the December futures for North sea petroleum mix of mark Brent has grown on 1,57% — to equal to 48.59 per barrel. The price of December futures for oil of mark WTI has grown on 1,66% — to of 45.95 USD per barrel.
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.
Gasoline stocks in the USA fell by 1.5 million barrels, or 0.7%, and amounted to 219,8 million barrels. Distillate inventories also fell by 2.6 million barrels, or 1.8%, to 145 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.
“Experts and so would expect growth stocks at this time of year, and we see lower inventories of gas and distillates for the second week in a row,” explained an analyst Forex.com Resaltada Fawad (Fawad Razaqzada) Reuters.