Oil is rising on the anticipation of messages on stocks in USA

Oil is rising on the anticipation of messages on stocks in USA


Investors hope that the U.S. Department of energy will report on the reduction of oil reserves. As at 17.14 GMT the cost of December futures for North sea Brent blend has grown on 2,47% — to 47,97 $ per barrel, WTI light crude oil — on 2,73%, to 44,38 USD per barrel.

MOSCOW, 28 Oct. Oil prices on Wednesday showed a positive trend, rising in price on expectations of information on commercial stocks in the U.S., according to AFP.

As at 17.14 GMT the cost of December futures for North sea Brent blend has grown on 2,47% — to 47,97 $ per barrel, WTI light crude oil — on 2,73%, to 44,38 USD per barrel. Previously, the cost of both brands of oil rose more than 3%.

Investors expect the publication of weekly statistics of the U.S. Department of energy, commercial oil reserves in the country. Analysts believe that the index increased by 3 million barrels to their 479,6 million barrels. However, investors believe that the Agency can report the inventory reduction. Commercial oil stocks in the USA (excluding strategic reserves) for the week ending October 16, up by 8 million barrels, or 1.7%, to 476,6 million barrels.

The American petroleum Institute (API) has previously issued its estimate of oil reserves in the U.S. over the past week. According to these data, commercial stocks in the country rose by 4.1 million barrels last week, the forecast increase of 3.7 million barrels. While the stocks on terminal Cushing (Cushing) declined by 748 thousand barrels.