Oil prices decline on expectations of data on US inventories

Oil prices decline on expectations of data on US inventories

Oil prices decline on expectations of data on US inventories

Oil prices fell on Thursday on expectations of a weekly report from the US Department of Energy on oil reserves in the country.

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.

The official report on energy reserves in the United States for the past week will be published by the US Department of Energy on Thursday at 18:00 Moscow time. Experts interviewed by S&P Global Platts predict, on average, a decrease in oil reserves by 500 thousand barrels, gasoline – by 2.5 million barrels and an increase in distillate stocks by 300 thousand 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 stock exchange ICE Futures by 14:14 Moscow time on Thursday is $ 40.37 per barrel, which is $ 0.42 (1.03%) below the closing price of the previous session.

Futures for WTI crude oil for October at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time decreased in price by $ 0.54 (1.42%) – to $ 37.51 per barrel.

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