Oil further recovered today with Brent Crude adding 1.15%, currently trading at USD58.20 a barrel - rebounding from new one-month lows set yesterday. West Texas Intermediate added 0.58% currently quoted at USD48.45. Brent Crude and WTI were supported as the dollar-rally lost some momentum.
Yesterday the US Department of Energy reported that in the week from 28 February to 6 March crude oil reserves rose by 4.5 million barrels to 448.9 million barrels, while experts had expected a rise by 4.8 million barrels. Commercial oil reserves in the US, according to figures remain at historical highs over the past 80 years.
Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015.Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles to record highs, weighing on prices.