Moscow. July 6. INTERFAX.RU – the Oil intensified the rise in trading on Thursday owing to the significantly exceeded expectations on the decline in commercial stocks of fuel in the United States. According to the U.S. Department of energy, commercial oil stocks declined last week by 6.3 million barrels to 502,9 million barrels, gasoline – by 3.67 million barrels, distillates – by 1.85 million barrels. The cumulative drop of reserves (13.4 million barrels) was the highest since September.
Experts on average had expected reduction of oil reserves by 2 million barrels, gasoline – by 1.8 million barrels. The cost of the September futures for Brent crude on the London ICE Futures exchange to 18:11 MSK rose to $1,31 (2,74%) – to $of 49.10 per barrel. August contract price of WTI crude oil on the new York Mercantile exchange (NYMEX) has increased by this time 2.9 to $46,43 per barrel.
Gasoline futures in the US rose 2.5%. On Wednesday, crude oil ended the day falling by about 4% on fears of rising production in OPEC. Earlier, the American petroleum Institute (API) reported that inventories of oil and gasoline in the U.S. last week fell by 5.8 million barrels.
Meanwhile, oil production in the U.S. for the week ended June 30 increased to 9,338 million barrels per day (b/d) 9,250 million b/d a week earlier. In annual terms, the rise amounted to 910 million b/d, or 10.8%.
“Oil production in the U.S. is growing surprisingly quickly and the likelihood of persistence of excess fuel on the market in 2018,” – said the head of investment Fund Astenbeck Capital Management’s Andy Hall. In his opinion, prices are permanently “stuck” at $50 per barrel or below.