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Oil prices grow while the data on US reserves is awaited



Two official statistics are being awaited this week that will have an impact on prices: on oil reserves by the American Petroleum Institute and the US Ministry of Energy.



20.Dec.16 8:04 AM
By Anna Tuzova
Photo Toinnov.com

   581

Oil prices grow while the data on US reserves is awaited
World oil prices grow in the run-up to the publication of statistics on “black gold” reserves in the USA by the American Petroleum Institute and the US Ministry of Energy, according to trading data.

As at 7:21am (UTC -5) the February futures price for North Sea oil of Brent grown by 0,84% to 55,38 dollar per barrel. February futures price of oil by WTI raised by 0,51% to a new total of $53,33 per barrel.

Later API would provide data on oil reserves dynamics in the USA in the week ended on 16th December. And furthermore the official statistics on the “black gold” reserves by the Ministry of Energy will be published on Wednesday. According to interviewed by Reuters analysts’ projections, reserves reduced by 2,425 million barrels, or 0,5 per cent to 480,78 million barrels in the week, ended on 16th December.

According to SEB bank analyst Bjarne Schieldrop, whose opinion is quoted by The Wall Street Journal, the oil prices growth is unavoidable. At the same time, the number of drilling rigs will increase in the first two decades of 2017 as the result. The oil reserves in the world will remain high in the first half of the following year.



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