Oil continues to go up
Oil prices continue active growth after take-off on the eve before the peak in the last 10 weeks.
The cost of July futures for Brent crude on the London ICE Futures exchange for 14:51 MSK amounted to $36,47 per barrel, or $0,72 (2,01%) above the price of closing of previous session.
Futures for WTI crude oil for July in electronic trading on the new York Mercantile exchange (NYMEX) by this time had risen by $0,55 (1,64%) – to $34,04 per barrel.
From the beginning of may Brent added to the price of 38%, WTI – 82%.
Yesterday oil prices rose to their highest level in last 10 weeks on data of the Ministry of energy of the USA about stocks of oil, gasoline and distillates in the country.
The oil reserves in the U.S. for the week ended may 15 fell by 5 million barrels, said the energy Ministry of the country. Thus, the reserves in the country decreased at the end of the second week in a row. Analysts S&P Global Platts, in turn, expected increase in oil reserves by 2.4 million barrels.
Gasoline inventories in the States rose last week by 2.8 million barrels, distillates – by 3.8 million barrels. Reserves of oil at the terminal in Cushing fell by 5.6 million barrels.
“Given the level of production cuts and improving economic prospects, there is no reason to believe that the price of oil will continue to grow” – analyst Oanda Craig Erlam, quoted by MarketWatch.
However, the analyst believes that the price increase may slow down, given the recent strong rebound.
The optimism of investors also support the preliminary value of PMI for the Eurozone, which indicate an improvement in business activity in the region. The composite index of purchasing managers (PMI) of 19 countries of the Eurozone rose in may 2020, after falling to a record low a month earlier.
The indicator increased to 30.5 points in may, compared with 13.6 per item a month earlier, showed preliminary data from research company Markit Economics.