Oil reserve rise pushes price down

Posted 15 May, 2019

The Asian session witnessed lower oil prices on Wednesday driven by an unexpected upturn in oil reserves in the USA.

According to the market data, the prices for WTI futures decreased to $60.99/bbl; the futures for Brent oil weakened to $70.60/bbl.

The American Petroleum Institute reported higher crude oil reserves, which added 2.81 million bbl last week. However, the US Energy Information Administration posted opposed data later saying that the reserves actually decreased by 4 million bbl.

By now, API has reported that the crude oil reserves showed an unexpected increase by 8.6 million bbl over the week, which actually was well above the downward forecast under which the volumes were expected to lose 2.125 million bbl.

The reserves reports mostly overtop the recent news about UAV attacks at an oil pipeline in Saudi Arabia, which pushed prices up on Tuesday.

It was stated that unmanned aerial vehicles struck out two pump stations run by the Saudi national oil company Saudi Aramco. As a result, the oil pumping process was suspended to evaluate the damage.

Two oil tankers from Saudi Arabia faced wing attack near the UAE coast while going to Strait of Ormuz, the essential oil passage in the world. Extra pressure came from the reports made by the UAE citing four more attacks recorded over the past weekend.

However, the markets remain focused on the US-China trade issue especially after Donald Trump said that the agreements remained possible.

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