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Oil has slightly grown up before the data publication about the supplies in the USA

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Oil has slightly grown up before the data publication about the supplies in the USA

Oil has slightly grown up before the data publication about the supplies in the USA
July 20
09:00 2016

Oil will slightly rise at the beginning of Wednesday after the earlier declining to a minimum during the two months. Market participants expect the next publication of the official information about the fuel stock condition at the US market, which is published every week.

On Tuesday the American Petroleum Institute post said that the reserves had fallen by 2.3 million barrels in the previous week. If this trend is confirmed by the official statistics, it will be the ninth decline of the raw material stock at a time. By the way, the level of the commodity stock of raw materials in the country remains stable 100 million barrels higher than the average level for this time of the year.

Experts also report about the increased gasoline stock, taking into account the Chinese market, too. It is not typical for the summer season and may signal that the oil surplus turned into the refined petroleum products surplus.

By the beginning of the day the cost of futures contracts for Brent oil for September delivery has increased by 0.3% – to $ 46.82 per barrel on the London Stock Exchange. The August futures price for WTI oil on the New York Mercantile Exchange auction has increase by 0.25% – to $ 44.76 per barrel by this time.

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