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Oil prices are stable, the decline in U.S. inventories supported the market

Oil prices were stable in the evening trading Wednesday due to the outperformed forecasts of a decline in U.S. stocks of raw materials.

09.Aug.17 1:37 PM
By Daria Zaytseva


Oil prices are stable, the decline in U.S. inventories supported the market

By 17.42 GMT, futures for Brent crude oil climbed 0.04 % to $ 52.12 per barrel.

Futures for American oil WTI by this time traded at $ 49.07 per barrel, 0.2 % lower than the previous close.

U.S. oil inventories declined by 6.5 million barrels to 475.44 million barrels in the week ended Aug. 4, while analysts predicted a decline of 2.7 million barrels, the Energy Information Administration (EIA) said on Wednesday.

At the same time, according to the EIA, gasoline stocks increased by 3.4 million barrels to 231.1 million barrels contrary to forecasts of analysts.

The continuing reduction in U.S. stocks of raw materials strengthens the hopes for the success of OPEC + in the fight against the surplus of raw materials in the world market.

The OPEC Oil Export Cartel expects that participants in the global oil pact entering the club and beyond it will more strictly observe the terms of the deal.

This statement was made after an extraordinary meeting of the Joint Technical Committee, which was held on August 7-8 in Abu Dhabi.

How exactly the organization is going to achieve full compliance with the pact, OPEC did not specify in its statement, in connection with which the market players did not take it with great enthusiasm.

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