Moscow. March 31. Oil is cheaper after the publication of the data about growth of stocks of fuel in the U.S. market to another record in 80 years, reports Bloomberg.
Oil reserves in the country last week increased by 2.3 million barrels, the growth continues for the seventh week in a row.
Many participants of the market consider that almost 50% rise in oil prices in recent weeks does not reflect the real situation with the supply and demand in the market.
At the same time, the demand for oil by refineries the U.S. jumped last week to their highest level since January. According to the Ministry of energy, refinery utilization increased by 2 percentage points and amounted to 90.4%.
The growth of demand for petroleum products is associated with warm weather, growing employment, increased demand for less fuel-efficient trucks and SUVs in the U.S., writes The Wall Street Journal. As a result, the demand for fuel now corresponds to peak summer values, the consumption is more than 9.4 million barrels per day versus 8.8 million in March 2015 and 2014.
Quote of may futures on the mark Brent on London’s ICE Futures exchange at 7:55 Moscow time fell by 1% to $38,85 per barrel.
The contract prices for mark WTI for may in electronic trading on the new York Mercantile exchange (NYMEX) by this time has decreased on 1,3% – to $37,82 per barrel.