– Oil prices decline on Wednesday to the lowest levels in seven weeks on signs that oil inventories in the U.S. rose for the third straight week.
The April futures for Brent crude on London’s ICE Futures exchange 14:42 Moscow time on Wednesday fell $0.26 (0.41 percent) to $62,46 per barrel.
The futures price for WTI crude oil for March in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time $0.44 (0,74%) – to $from 58.77 per barrel.
According to the American petroleum Institute (API), oil stocks in the U.S. jumped for the week ended February 9, at 3,947 million barrels, gasoline – by 4,634 million barrels.
“The United States definitely confirmed much stronger than the market expected,” – said in an interview with Bloomberg TV managing Director Bank of America Merrill Lynch frontier markets Hutang Asari.
Now market participants are waiting for data U.S. Department of energy, which will be released at 18:30 Moscow time. The forecasts of analysts polled by S&P Global Platts, suggesting the rise of oil reserves last week by 3 million barrels, gasoline – on 1,5 million barrels, but a decline of 1 million barrels for distillates.
The production of oil reservoirs in the U.S. will grow by 2 million barrels a day (b/d) by the end of 2019 and will reach 7 million b/d, according to experts at Wood Mackenzie Ltd. The expected growth rate of more than twice the predictions that were made a few months ago. In the February survey Wood Mackenzie considers the sharp increase in shale oil production in the US in September and October of 2017 – approximately 600 thousand b/d in each of the months.
Saudi Arabia, Russia and OPEC are trying to stabilize the world oil market, and the results of their efforts are encouraging, said in turn Minister of energy of Saudi Arabia Khalid al-falih. According to the estimates of his Department, oil exports from Saudi Arabia in March will be less than 7 million b/d.