Economic news

Oil reserves loss of 1,5 million affects price movement

The oil market fell on Thursday, despite an unexpected decline in U.S. stocks, but the fall in prices was restrained by a smaller than expected reduction in gasoline stocks and the continued decline in OPEC-led supplies. Сommercial reserves of oil in the United States dropped “only” by 1 million 396 thousand barrels - to 455.154 million last week can not hold a candle with a drop of 7 million 710 thousand a week ago.

oil slips 1804 Photo: Pixabay

The gasoline commodity stocks eased by 1 million 174 thousand barrels - to 227.955 million, while the distillates stocks decreased by 362 thousand barrels - to 127.691 million.

There were the opposite results for oil according to forecasts - one awaited an increase in oil reserves by 2 million 300 thousand barrels, a decrease in gasoline reserves by 2 million 300 thousand and a decrease in distillate stocks by 1 million.

Brent crude futures with delivery in June were at $71.31 per barrel at 08.30 GMT on Thursday, down 0.43 percent, while U.S. West Texas Intermediate (WTI) crude futures with delivery in May were at $63.55 per barrel, down 0.33 percent.


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