On Wednesday, crude oils were growing during the Asian session. The growth can be explained by the data published by the American API. Oil reserves in the United States have declined at the end of last week.
As of 8 a.m. Moscow time, Brent contracts for September (traded on the London Stock Exchange) grew 17 cents. Thus, the price reached the value of $ 64. At the last session, the quotes moved better. The price was able to grow almost 60 cents and reached the mark of 63.83 US dollars by closing.
The futures of the American WTI on NYMEX have increased to 56.95 US dollars. The growth has amounted to 0.3%. As in the case of Brent, trading was more successful. The quotes are almost up 1% – to $ 56.8.
Having collected the data on the reserves of “black gold”, the API unexpectedly found out that commercial reserves of fuel in the USA had decreased by almost 11 million barrels over the past week.
Official data, which traditionally make the market choose the direction of the movement, will appear on Wednesday. Now the experts polled by Bloomberg predict that the Ministry of Energy will report on the reduction by only 4.25 million barrels but not 11.
According to the data provided by the API, gasoline reserves have risen almost 4.5 million. If the agency confirms this figure, it will be the biggest increase since January. It is very strange to witness this reality in the current period, since summer is the time of the peak demand for fuel.
The market was also supported by other news from the States. Robert Lighthizer and Steven Mnuchin are going to China next week. The purpose of the trip is the resumption of negotiations on the trade conflict.
Experts note that no one has been waiting for immediate progress for a long time. On the contrary, concerns about the deterioration of relations between the two countries are gaining new strength. The conflict may adversely affect the global balance of supply and demand in the oil market.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group