Cost of barrel of oil WTI at the auctions on Wednesday reached its highest level in more than seven months, according to the auction.
On Wednesday morning the price of futures on the American WTI reached at the peak of $49,45. The last time crude oil was trading more expensive 12 October 2015 — the day of oil during the auction rose in price to $50,62 per barrel. Futures on Brent crude traded in London on Wednesday rose in price to $49, and 39 per barrel. At this level it was trading last may 20.
Oil began to rise on Tuesday after the American petroleum Institute (API), which reported a decrease in oil reserves in the US last week by 5.1 million barrels to 536,8 million It is twice exceeded expectations of analysts polled by Reuters. Oil markets also supports the situation on the US stock market, ended the auction on Tuesday the increase of main indexes, as well as speculation that the fed may raise rates in June, the Agency said.
On Wednesday official data on oil reserves must publish the energy information Administration (EIA). Reuters and Bloomberg report that analysts expect the EIA will confirm a significant reduction in stocks.
Part of the inventory reduction associated with the reduction of import from-for forest fires in Canada, said Reuters market analyst at OptionsXpress, Ben Le Brun. “Technically, the market is getting ready to WTI crude oil went above $50 per barrel”, — he said.
In early may because of a major forest fire of the energy company Suncor, Syncrude, Husky Energy, Imperial Oil and Nexen Cnooc has halted oil production from oil Sands in the canadian province of Alberta. In aggregate daily production in the country decreased by about 1.5 million barrels, Reuters reports. On Tuesday, some manufacturers resumed operations in Alberta.