Oil is still rising in price after the data from the API on the stock reduction in the United States.
Brent contracts for April have grown by 1% to the value of $ 63 per “black gold” barrel. WTI futures for March have soared by 1.3% to $ 53.6 per barrel. During the last session, Brent was worth $ 62.4, while WTI was estimated at $ 53.1.
The data on the reduction of the OPEC production in January have also strengthened the rate.
According to the information published by the API, last week, oil reserves fell by almost a million barrels, distillates lost almost 2.5 million. Gasoline reserves have increased by about 750 thousand barrels.
The market is waiting for the report from the Ministry of Energy. Official figures will be made public on Wednesday evening. Analysts agree that stocks will grow by 2.7 million barrels. According to their estimates, stocks of distillates and gasoline will also grow. An increase will amount to 800 thousand barrels for both products.
In the monthly review of oil production submitted by the Ministry of Energy, the forecast for the current and next years was changed. The forecasts for Brent and WTI for this year have been slightly improved, but the data for 2020 have been reduced by 4%.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade