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Oil prices are stable, WTI has exceeded $ 50 for the first time since the end of May

Oil prices are stable in the morning on Tuesday due to high demand for fuel, but further growth of the market is hampered by the growth of the supply from OPEC.

01.Aug.17 1:49 AM
By Daria Zaytseva


Oil prices are stable, WTI has exceeded $ 50 for the first time since the end of May

By 9.26 GMT, futures for Brent crude rose by 0.11 % to $ 52.78 per barrel.

Futures for U.S. oil WTI by this time traded at $ 50.25 per barrel, 0.16 % above the previous closing.

In general, commercial oil reserves in the United States decreased by 10 % to 483.4 million barrels and - with a reservation for seasonal factors - they now for the first time since the beginning of the year are below the level of 2016.

The focus of investors' attention is data on weekly stocks of oil and petroleum products in the U.S. from the American Petroleum Institute (API) and official statistics of the Energy Information Administration (EIA).

Among the factors hampering the further rise of the market is the increase in OPEC production in July.

The OPEC oil cartel and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million bpd until March 2018 to restore the equilibrium of global supply and demand.

OPEC oil production in July increased by 90,000 bpd to 33 million barrels per day, Reutersí calculations showed.

The main driver of the Group's production growth in the previous month was the increase in production of raw materials in Libya, which is not included in the global pact.

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