Oil falls in price on data on growth in US inventories

Oil falls in price on data on growth in US inventories

Oil falls in price on data on growth in US inventories

Oil prices continued to decline on Thursday after the release of US Department of Energy data on the growth of oil reserves in the country last week.

As noted by MarketWatch, over the past six weeks, US oil inventories have been declining.

US commercial oil inventories increased by 2.03 million barrels last week, according to a weekly report from the country's energy ministry.

Gasoline stocks fell by 2.95 million barrels, distillates – by 1.68 million barrels.

According to the data of the American Petroleum Institute (API), published the day before, oil reserves in the United States for the week ended September 4 rose by 3 million barrels, distillates – by 2.3 million barrels, while gasoline stocks fell by 6.9 million barrels.

On the eve of the US Department of Energy raised the estimate of oil production in the country in 2020 by 0.1 million b / d, to 11.4 million b / d. The forecast for 2021 is kept at the level of 11.08 million bpd. At the same time, the Ministry of Energy has lowered the forecast for demand for liquid hydrocarbons in 2020 and 2021.

The cost of November futures for Brent oil on the London ICE Futures exchange by 18:03 Moscow time on Thursday is $ 40.49 per barrel, which is $ 0.3 (0.74%) below the price at the close of the previous session.

Futures for WTI crude oil for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time decreased in price by $ 0.49 (1.29%) – to $ 37.56 per barrel.

Oil prices rose Thursday after falling for six straight trading sessions, S&P Global Platts said. The recovery in the US stock market supported the demand for other risky assets.

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