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Oil saves the plus at the expense of exceeding the forecasts of a decline of inventories in the United States



Oil prices kept positive dynamics in the evening trading of the environment due to the outperformed forecasts of a decline in U.S. stocks of raw materials.



16.Aug.17 12:35 PM
By Daria Zaytseva
Photo Toinnov.com

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Oil saves the plus at the expense of exceeding the forecasts of a decline of inventories in the United States

By 17.41 GMT, futures for Brent crude oil climbed 0.39 % to $ 51.00 per barrel.

Futures for American oil WTI by this time traded at $ 47.60 per barrel, 0.11 % higher than the previous closing.

U.S. oil inventories declined by 8.9 million barrels to 466.49 million barrels in the week to August 11, while analysts predicted a decrease of 3.06 million barrels, the Energy Information Administration (EIA) said on Wednesday.

Among other factors supporting the North Sea oil standard analysts called the reduction of production at the largest Libyan field of Sharar, which, according to the engineer at the site, decreased by 130,000-150,000 barrels per day from about 280,000 barrels per day due to violation of safety standards.

The further rise of the market is constrained by the global surplus of raw materials, which persists despite the OPEC + pact.

Shale oil production in the U.S. in September will grow for the ninth month in a row, the EIA predicts.

In addition, according to EIA, gasoline stocks in the U.S. last week rose by 0.02 million barrels to 231.13 million barrels against the forecast of a decrease of 1.1 million barrels.

Analysts at the moment are talking about a gradual slowdown in fuel consumption growth in the U.S. and China. In Europe and Japan, it has already reached its peak.




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