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The oil market: traders moved to the standby American statistics

Oil prices on world markets are down again weakly. According on 08:36 GMT, the August Brent futures fell 0.17 per cent to 52.12 per barrel, while July crude fell by 0.38% to from 49.78 per barrel.

30.May.17 12:05 PM
By Christina Orlina


The oil market: traders moved to the standby American statistics
In the absence of the significant market, news traders are switching to standby statistics of the U.S. Department of Energy, commercial oil reserves in the country. This week they will be published Thursday, as Monday was a public holiday.

Overall, the dynamics of this indicator is favorable for the market as commodity oil reserves have fallen for seven consecutive weeks. However, they still exceed 500 million barrels, which is above the norm 50-60 million barrels.

However, reducing the number of raw materials in us storage tanks suggests that the Vienna OPEC deal+ still gives a certain effect. And the growth of shale production in the United States has not compensated for the decline of oil in the global market.

In this regard, we can assume that the price today will go to growth. The only thing that can stop him is a recent information about the intent of Donald Trump to sell half of strategic oil reserve of around 690 million barrels.

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