Oil is trading higher today after yesterday's slump caused by higher U.S. stockpiles and news that Saudi Arabia increased oil production. Data provided yesterday by US Department of Energy showed that during the week from 28 March to 3 April oil reserves increased by 10.9 million barrels to 482.4 million barrels, while experts waited for an increase of 3.4 million barrels. The report also reported that weekly growth of commercial oil reserves was the most significant since March 2001. Meanwhile, the oil terminal in Cushing rose by 1.2 million barrels to 60.2 million barrels, the highest since April 2004.
Today Bijan Zanganeh, Iran's oil minister, said that the OPEC is going to "coordinate itself" when Iran will resume oil exports after the embargo is lifted. Before the sanctions were imposed Iran was the second largest exporter of oil in the OPEC and may increase its output drastically.
Brent Crude added - 2.66% currently trading at USD57.03 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate gained 2.52% currently quoted at USD51.69.