Brent oil prices rose moderately, entrenched above $ 59 per barrel, which helped the data for China, as well as statements by the Minister of the oil industry in Saudi Arabia. Meanwhile, the price of WTI crude oil lost part of the earned positions on the background of the report on stocks.
Recall preliminary PMI index in the manufacturing sector of China from HSBC / Markit for February rose to 50.1 against 49.7 in January. It was expected that the rate will drop to 49.6 points. Expansion of production and overall new orders was more rapid than in the previous month, but up new export orders declined, while the employment sub-index showed a more rapid decline than in January. "The data indicate a slight improvement in the industrial sector in China during the New Year celebrations. However, economic activity is likely to remain sluggish, and external demand looks uncertain, "- said economist at HSBC Qu Hongbin China.
Meanwhile, today Saudi Oil Minister Ali al-Nuaimi said that the demand for oil is growing. He also said that the oil market all the "easy". Saudi minister comments are very similar to the report of the Organization of Petroleum Exporting Countries, published in February. According to the report, the cartel expects to increase fuel consumption in the United States that will strengthen the demand for oil and may contribute to higher prices later in the year.
Higher prices also helped statement Fed Chairman Janet Yellen that the US central bank is willing to discuss raising interest rates "from meeting to meeting." According to some investors, this means that rates will not rise in June, as predicted by most analysts and later.
Pressure on the price of WTI crude oil has had a report from the US Department of Energy, which showed that during the week February 14-20 oil reserves rose by 8.4 million barrels to 434.1 million barrels, while the expected increase of 4.7 million barrels. Now stocks are at historical highs from August 1982. Oil reserves in Cushing terminal rose by 2.4 million barrels to 48.7 million barrels. Gasoline inventories fell by 3.1 million barrels to 240 million barrels. Analysts had expected a decline of 1.1 million barrels. Distillate stocks fell by 2.7 million barrels to 124.7 million barrels, while analysts had expected a decline of 3.3 million barrels. Utilization rate of refining capacity decreased by 1.3% to 87.4%. Analysts expected a decline of 0.5%.
It is worth emphasizing, oil prices have stabilized in recent weeks. But analysts note that the decline may continue as global supply still exceeds demand.
March futures price for US light crude oil WTI (Light Sweet Crude Oil) rose to 49.77 dollars per barrel on the New York Mercantile Exchange.
April futures price for North Sea petroleum mix of Brent increased by $ 0.93 to $ 59.63 a barrel on the London Stock Exchange ICE Futures Europe.