On Thursday oil quotes are showing a weak growth. Brent at 10:30 EET was selling for $57.23 a barrel and WTI with August delivery was going for $51.76. By last week’s close, North Sea oil on August contracts was at $57.26 per barrel and the price of light crude was $51.56.
Support for oil quotes has come from data on US oil reserves. According to the EIA statistics, last week saw the reserves down by 4.346 million barrels. However, distillery reserves and petrol increased.
Nevertheless, it’s unlikely that the growth in prices will last. The dollar is strengthening due to an announcement by J. Yellen in Congress that the base rate will be lifted this year and this will put pressure on quotes. It likely that the growth will turn into a fall over the course of the day.
Brent could fall to $56.3 a barrel and WTI could drop to $50.70.