24.03.2016 16:44 Oil prices fell moderately today
Quotes of oil declined in today's trading, falling below $ 40 a barrel and headed for its first weekly drop in the past month. Pressure on prices have a record-high oil reserves in the US, the weakening of stock markets and a stronger dollar.
Tuesday oil futures fell by about 6 percent, which is the biggest two-day decline since mid-February. Analysts believe that the oil rally, which lasted for the past five weeks, gradually coming to an end. "The stabilization of oil prices may be a temporary phenomenon in the beginning of 2016, and prices are already in the coming months to resume the fall, repeating the scenario of 2015", - said Deutsche Bank analyst Michael Huseh. - As long as the oil of oil prices dynamics repeats last year: lows were once again shown, in January, and in the past since two months, the price per barrel increased by more than 50%. "
Yesterday the US Department of Energy reported that crude oil inventories rose week of March 12-18 by 9.4 million barrels to 532.5 million barrels, a new record high for this time of year. Analysts had expected an increase to 3.5 mln. Barrels. Oil reserves in Cushing terminal fell by 1.3 million barrels to 66.2 million barrels. Gasoline inventories fell by 4.6 million barrels to 245.1 million barrels. Analysts had expected inventories to fall by 2 million barrels. The utilization of refining capacity fell by 0.6% to 88.4%. Analysts have suggested that the rate will fall to 0.1%. Meanwhile, oil production in the US in the week of March 12-18, dropped to 9.038 million. Barrels per day from 9.068 million. Barrels per day the previous week.
One of the leaders of the International Energy Agency said the deal between several OPEC producers and Russia concerning the production freeze is likely to be "meaningless" because only Saudi Arabia has the ability to increase production.
In the course of trading is also affected by Baker Hughes to publish data on the number of idle rigs in the United States, which will be released later today. Recall, according to the results ended March 18 working weeks, the number of drilling rigs in the US fell by 4 points, or 0.83%, and amounted to 476 units. In annual terms, a decline of 593 units or 55.47%. The number of oil rigs increased by one unit, or 0.26%, to 387 units. Thus, the tendency to reduce the index, which lasted for the past three months, ended. The number of gas-producing plants has decreased by 5 units, or 5.32%, and amounted to 89 units
WTI for delivery in May fell to $39.25 a barrel. Brent for April fell to $39.90 a barrel.