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Oil rises after reports of falling US inventories

2019-02-06 09:46 am | Resource: NEWS | No Views : 240

 Oil prices rose marginally from the lowest close in a week. After US Petroleum Institute data showed a lower-than-expected growth of US crude inventories, as markets awaited the Energy Information Administration report to survey the official volume of US production and stockpiles.

The Petroleum Institute report shows surprising gains in US oil inventories

On the other hand, a weekly report by the American Petroleum Institute (API) on Tuesday showed an astonishingly large increase of 2.51 million barrels in crude oil inventories, according to US media reports. Reserves in Cushing, Oklahoma, were reportedly increased by 889,000 barrels.

Gasoline figures grew by 1.73 million barrels, while the number of distillates showed an increase of 1.14 million barrels, the sources said. However, traders are still waiting for official data from the DOE tomorrow.

OPEC wants an official alliance with Russia

In other news, the Organization of the Petroleum Exporting Countries (OPEC) would like to form an official alliance with 10 other major Russian-led producers in an effort to improve the balance of the world oil market, the Wall Street Journal reported on Tuesday, quoting OPEC officials. According to the report, OPEC officials hope to reach an agreement on partnership at the organization's meeting with other producers in April.

Russia and other producers have cooperated with OPEC over the past few years and agreed to take part in the latest cut in production. Last week, Saudi Energy Minister Khalid al-Falih expressed confidence that Moscow would keep its promise to cut production.

On the other hand, Russian Energy Minister Alexander Novak said on Monday that Moscow intends to achieve planned reductions in oil production by May. The official said in a statement that Moscow fully complied with the reduction deal reached by the Organization of the Petroleum Exporting Countries (OPEC) in December and that Russia's production of oil in January fell by 47 thousand barrels per day since October.

Last week, Saudi Arabia's energy minister, Khalid al-Faleh, said he was confident Moscow would stick to the guidelines for an OPEC deal to cut world oil production by 1.2 million bpd despite Moscow's reluctance to accept the deal.

The dollar index, which measures the performance of the greenback against a basket of six currencies, stabilized at 95.863.
  • WTI crude futures for March delivery rose 0.13% to $ 53.73 a barrel at 8:20 am CET,
  • Brent crude for April delivery marginally increased 0.10% to $ 62.04 a barrel, after finishing yesterday's trading below $ 62.

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Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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