Oil prices post rebound after recent sliding

Posted 18 July, 2019

On Thursday, the oil market has witnessed price stabilization with some upturns after the decline recorded in the middle of the week. Quotes decreased yesterday on the official reports about soaring oil reserves in the USA over the past week. Higher reserves indicated weak buying activity during peak driving period.

Futures for Brent oil increased to some $63.90/bbl, while those for WTI benchmark improved to some $56.85/bbl. At the same time, the quotes lost 1.1% and 1.5% respectively yesterday.

According to the market data, oil stocks in the country decreased less than it was expected last week, so product inventories rose, as the EIA report showed.

As a result, oil prices went down over the period under review.

Stocks of petroleum increased by 3.57 million bbl to 232.8 million bbl, those of distillates – by 5.69 million bbl to 136.2 million bbl. At the same time, the analysts forecast a decline in oil and petroleum stocks by 2.69 million bbl and 0.93 million bbl respectively.

It was also stated that oil prices have been partly depressed this week by easing of fears regarding the tensions in the Middle East, production restart in the Gulf of Mexico after Barry hurricane.

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