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Oil rises in price, investors are waiting for data on raw materials reserves in the U.S.



Oil prices continued to rise in the evening trading Tuesday due to signs of a gradual equalization of the balance of global supply and demand.



22.Aug.17 2:24 PM
By Daria Zaytseva
Photo Toinnov.com

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Oil rises in price, investors are waiting for data on raw materials reserves in the U.S.

By 17.00 GMT, futures for Brent crude rose 1.08 percent to $ 52.22 per barrel.

Futures for U.S. crude WTI by this time traded at $ 48.02 per barrel, 1.37 percent higher than the previous closing.

"Oil reserves in the U.S. have been steadily declining in recent weeks, if this trend continues, the bulls in the oil market will be uplifted, and now add to this the reduction (of raw materials) of OPEC and Russia," said Favad Razakzada from Forex.com.

The OPEC Oil Export Cartel and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day until March 2018 to restore balance to the world oil market.

According to the forecast of consulting company Petro-Logistics, OPEC oil supplies will average 32.8 million barrels per day in August, which is 419,000 barrels less per day than in the previous month.

Commercial oil reserves in the U.S. declined by almost 13 percent from the March peak to 466.5 million barrels, according to the Energy Information Administration (EIA).

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 EIA statistics.




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