– Oil prices reference marks are increased during Asian trading on Wednesday after a decline the previous day.
Analysts expect the easing growth of commercial oil reserves in the United States, as refineries resume operations after the storm “Harvey” and plan to abandon the planned repair.
November futures for Brent crude on the London ICE Futures exchange to 8:03 Moscow time has risen in price by $0,16 (0,29%) to $55.3 per barrel. On Tuesday, the price dropped to $0,34 (0,61%) and amounted to $55,14 per barrel.
Quotes of WTI oil futures on Wednesday rose $0,28 (0,57%), having reached $49,76 per barrel. At the end of last session, the price decreased by $0,43 (0,86%) to $49,48 per barrel.
At least 13 U.S. refineries, including the largest enterprise in the country, which is operated by Motiva Enterprises, intend to delay the traditional autumn renovation work to produce more, the prices of which have increased. Thus, the US can avoid the usual autumn period of recession demand for oil.
The American petroleum Institute (API) on Tuesday said that the fuel reserves in the country rose last week by 1.4 million barrels, gasoline – by 5.1 million barrels and distillates – by 6.1 million barrels.
Analysts polled by S&P Global Platts, on average, predict an increase in oil reserves by 2.4 million barrels, and also reduction of stocks of gasoline of 800 thousand barrels and distillates up 1 million barrels.
The official data of the U.S. Department of energy will publish on Wednesday at 17:30 Moscow time.
Additionally, traders await the outcome of the Ministerial meeting of OPEC countries and non-organization of States on monitoring the agreement to reduce oil production, which will take place on Friday.
Iraq and several other countries involved in the transaction OPEC+, stand for something, to increase the reduction of oil production by 1%, said Minister of oil of Iraq Jabbar Ali Husayn al-Luaibi.