The oil market has been falling for the second day in a raw following the publication of the data on the growth of fuel stocks in the United States.
As of 8 a.m., Moscow time, the Brent futures for July dropped by almost half a dollar. Now they cost $ 70.5 per barrel on the London Exchange. On Wednesday, they fell even more – by $ 1.2 and closed at $ 71.
By the same time, WTI contracts for July (traded on NYMEX) have lost 38 cents and now cost 61.04 USD. At the last session, they fell by $ 1.7 and closed at a price of $ 61.42.
A report by the US Department of Energy regarding oil reserves said that the previous week they had increased by 4.7 million barrels to maximum levels starting in 2017. In the last 5 weeks, stocks have increased four times. Gasoline reserves have increased by 3.7 million, distillates – by 768 thousand.
According to the analysts surveyed by S & P, oil reserves should have decreased by 2 million barrels, distillates – by 1 million. At the same time, gasoline reserves should have grown by 1 million.
Experts believe that the growth of stocks, contrary to the market expectations, may signal problems. There is a possibility that the US economy is close to recession.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade