Oil continues to rise
Oil prices are rising standard grades Thursday, continuing to rise after takeoff on the eve to the peak of the last 10 weeks.
The cost of July futures for Brent on London’s ICE Futures exchange to 17:53 MSK is $of 36.51 per barrel, or $0,76 (2,13%) above the price of closing of previous session.
WTI futures for July in trading on the new York Mercantile exchange (NYMEX) by this time had risen by $0,55 (1,64%) – to $34,04 per barrel.
On Wednesday, 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.
The demand for oil in the world, probably, will not reach the levels observed before the pandemic coronavirus, until the end of 2022, according to experts Energy Aspects.
According to their forecasts, the average daily consumption will fall by 7.1 million barrels to 93,1 million barrels, this year. Demand will grow by 5 million barrels a day, to 98.1 million barrels per day in 2021, which is below the level of 2019 to 100.2 million barrels a day.
The result of the slow pace of economic recovery, oil prices will likely remain under pressure, and in the market for some time will be observed the situation of contango, where futures on oil supplies in the future are more expensive than earlier contracts, experts say.