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Oil price fell after the publication of data on US oil reserves

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Oil price fell after the publication of data on US oil reserves
May 30
13:00 2019

Oil is falling in price because the data on fuel reserves in the United States have been made public. At the end of last week, the reduction of “black gold” in the oil storage facilities was not as significant as expected.

On Thursday, by 6 pm Moscow time, Brent futures for July dropped to the level of $ 68.3 on the London Stock Exchange. This is nearly one dollar below the level of previous trading.

By the same time, contracts for WTI (traded on NYMEX) dropped by 60 cents – to $ 58.17 per barrel.

According to the data provided by the US Ministry of Energy, oil reserves have fallen by 282 thousand barrels. Experts, interviewed by S & P, predicted a much larger decline – 1.4 million.

The supply of commercial oil in Cushing has reduced by 16 thousand barrels.

In addition to a small reduction in reserves, oil production has also increased. The growth amounted to 100 thousand barrels. At the moment, production is 12.3 million b / d.

Forecasts for gasoline and distillate stocks also were incorrect. Analysts hoped that gasoline reserves would be reduced by 800 thousand barrels, distillates – by 225.000. In fact, it turned out that gasoline reserves had increased by 2.2 million barrels, distillates – by 1.62 million.

The market attention is now focused on how the situation is developing in the Middle East and in negotiations between America and China. The conflict between the United States and Iran can lead to difficulties with deliveries from the entire region.

On Wednesday, National security Advisor John Bolton said that the only reason for Iran to withdraw from the JCPOA was the desire to continue developing nuclear weapons.

The ongoing dispute between America and China increases the global community worries about the global economic slowdown and, as a result, the drop of oil demand.

 

 The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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