Oil reserves in the United States showed the strongest growth

The price of oil continues to remain in the area of local highs: the current Brent quote is $108.20 per barrel. WTI oil is trading near $103.50.

At the same time, at the beginning of the day, the quotes showed a slight decline to $106.70 (Brent) and to $102.17 (WTI). The weakening was driven by data from the US Department of Energy on crude oil reserves in the country. 

According to statistics, commercial oil reserves (excluding strategic reserves) increased by 9.4 million barrels in the week ended April 8, while analysts expected an increase of only 0.9 million barrels. 

At the same time, gasoline reserves decreased by 3.65 million barrels, distillates – by 2.9 million barrels. Analysts expected a decrease in gasoline stocks by 600 thousand barrels and a drop in distillate stocks by 416 thousand barrels.

Such a sharp increase in oil reserves is partly explained by a sudden decrease in the level of utilization of refining capacities in the United States, which also caused a reduction in gasoline and distillate reserves. 

In addition, quotes are declining today as part of a technical correction after yesterday's growth of more than 10%. The impetus for this rise was expectations of an increase in demand for black gold in light of the weakening of restrictive coronavirus measures in China, as well as concerns about supply problems due to the tense situation around Ukraine.