The oil reserves in the US in may will exceed the record set in 1929

In may, according to the forecast Citigroup, the crude oil inventories in the US will reach 550 million tons, according to Bloomberg. The Agency notes, citing data from the us energy Ministry, the result will be surpassed the level achieved in October 1929, when removed, was of 545.2 million tonnes.

Citigroup notes that after reaching a historical record of oil reserves in the United States will begin a seasonal decline.

Last week stocks in the U.S., according to the U.S. energy information administration, increased by 2.8 million tons to 543,4 million tonnes, which was the highest figure for more than 86 years.

Data on U.S. oil reserves have a significant impact on the market, because the US is the world’s largest importer of energy resources. Growth stocks last week, exceeding forecasts led to the fall in oil prices more than $1. In early April, the quote jumped 4%, when it was revealed that the stocks have declined, while the growth was expected.

According to the forecast analyst Li Li of the research firm ICIS China, this year oil imports in the U.S. will reach 363 million tons, although he believes that the first time China will bypass America on this indicator.