The API data on fuel reserves turned out to be less than experts had expected. Because of this fact, oil prices continued to grow during the Asian session on Thursday.
American WTI crude oil has been growing for 6 sessions in a row and it is now at its highest level since November. Brent also shows good dynamics maintaining its maximum during several sessions.
The contracts for Brent crude oil with the delivery in April have slightly increased (to be more precise, to the value of $ 67.2). At the last session, they were being traded for $ 67.08. April WTI futures have soared to $ 57.4 per barrel. On Wednesday, they cost $ 57.1.
Analysts say that the market is now focused on two processes that reduce the amount of supply in the market.
The media reports that Nigeria is going to cut production, thus hoping to raise prices. At the same time, Saudi Aramco is planning to close the Yanbu processing plant for maintenance next month.
API figures confirm: oil reserves in the States have increased by 1.3 million barrels; gasoline inventories have fallen by 1.6 million, while distillates have reduced by 760 thousand.
At the moment, the market is interested in the data provided by the Ministry of Energy. They will be made public on Thursday evening. Experts predict an increase in oil reserves by 3.5 million barrels. In their opinion, gasoline reserves have decreased by 1.1 million, while distillates have fallen by 1.4 million.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade