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Oil prices have risen markedly, which has helped to publish a report on oil stocks in the United States. Note that the report submitted by the Energy Information Administration showed that by the end of last week, oil stocks rose by 431,000 barrels, while reaching a level of 364.622 million barrels. Many experts expected that the stock decline by 2.45 million barrels. In addition, it was reported U.S. gasoline inventories increased by 0.77 million barrels - up to 223.464 million barrels, while distillate stocks, which include heating oil and diesel, fell 0.466 million barrels to 125.986 million. We also add that the oil terminal in Cushing fell by 1,904 million - up to 42.119 million barrels and refinery utilization in the United States amounted to 91.3% against 92.3% a week earlier.
We also recall that yesterday its report on oil stocks posted the American Petroleum Institute. According to them, the oil reserves fell by 0.74 million barrels, gasoline inventories rose by 1.8 million barrels, while distillate stocks fell 0.497 million barrels.
It should also be noted that the rise in oil prices helped the data on the growth of the American economy.
According to the report, the U.S. GDP in the 2nd quarter was more than expected at moderate overall growth, as consumers are not willing to spend more, and the government continues to reduce costs.
According to the first estimate, provided by the Ministry of Commerce, U.S. gross domestic product in the 2nd quarter was higher by 1.7% per year, after rising by 1.1% in Q1. Economists had expected an increase of 1.1%.
The focus is now the second half of the year.
Note also that the Fed will announce today the results of a two-day meeting, and their intentions regarding the program of bond purchases by 85 billion dollars a month. Purchases are designed to help lower interest rates and stimulate spending and investment. The Fed has signaled that can minimize the program to begin this year, if the growth rate is improving in line with its forecasts. GDP report allows the Fed to turn around and evaluate the performance of the economy after the recession. Extensive changes to the data show that the U.S. economy expanded at a strong pace in 2012, but the decline was not as strong as previously thought. GDP last year increased by 2.8% compared with the rate in the previous assessment + 2.2%. Changes occur as part of a comprehensive revision of the gross domestic product from 1929 to the first quarter of 2013.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 104.36 dollars a barrel on the New York Mercantile Exchange.
September futures price for North Sea Brent crude oil mixture increased to $ 107.00 a barrel on the London exchange ICE Futures Europe.
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