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Prices for WTI crude oil fell sharply, dropping below $ 48 per barrel, which was associated with the publication of a report on stocks of petroleum products in the United States. Meanwhile, the price of Brent crude oil rose slightly, reaching $ 57 per barrel.
US Department of Energy reported that in the week from 28 February to 6 March crude oil reserves rose by 4.5 million barrels to 448.9 million barrels, while experts had expected growth to 4.8 million. Barrels. Commercial oil reserves in the US, according to figures remain at historical highs over the past 80 years. Oil reserves in Cushing terminal rose by 2.3 million barrels to 51.5 million barrels. Stocks has exceeded 50 million barrels for the first time on 31 May 2013. Gasoline inventories fell by 187,000 barrels to 239.9 million barrels, while analysts had expected a decline of 1.7 million barrels. Distillate stocks rose 2.5 million barrels to 125.5 million barrels. It was expected that the stock will decline by 2.3 million. Barrels. Meanwhile, refining capacity utilization rate increased by 1.2% - to 87.8%. Analysts expected a decline of 0.4%.
Recall yesterday's data from the American Petroleum Institute (API) showed that:
- Crude oil inventories in the US last week fell to 0.404 million. Barrels
- Distillate stocks in the United States for the week rose by 1.7 million. Barrels
- Gasoline inventories in the US for the week increased by 1.7 million. Barrels
- Utilization of oil refining in the US 87.5% versus 87.3% in the previous week
Pressure on prices also has a strengthening US dollar. The dollar index, which measures the strength of the US dollar against a basket of six major currencies, has now reached a maximum in April 2003. Recall, the dollar raises the price of US goods to importers that use different currencies such as the yen or the euro.
"A strong dollar creates unexpected difficulties for the oil market. Brent brings them heavier than WTI, as investors close their positions and take profit on the spread between the two brands, "- said the manager of commodity fund Tyche Capital Advisors Tariq Zahir. The price spread between WTI and Brent lost almost 40% since then, as the end of February reached a 13-month high of $ 13.
April futures price for US light crude oil WTI (Light Sweet Crude Oil) dropped to 47.66 dollars per barrel on the New York Mercantile Exchange.
April futures price for North Sea petroleum mix of Brent rose $ 0.23 to 57.10 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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