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Oil prices accelerated growth on data on declining US inventories


June, 16 2021
watermark Economic news

The cost of black gold accelerated growth on Wednesday evening after the publication of statistics from the US Department of Energy on crude oil reserves in the country.


The price of August futures for North Sea Brent oil mixture rose to $74.70 per barrel, the price of July futures on WTI – up to $72.80 per barrel.


According to official data from the US Department of Energy, commercial oil reserves for the week ended June 11 fell by 7.4 million barrels and reached 466.7 million barrels. Analysts had forecast a decline of only 3.3 million barrels. At the same time, distillate stocks decreased instead of the expected growth.


At the same time, the growth of the oil market is somewhat constrained by statistics on the production and reserves of gasoline. In particular, production in the United States rose by 200 thousand barrels per day over the week and reached 11.2 million barrels per day. On average, over the past month, oil production in the United States amounted to 11 million barrels per day. Gasoline inventories rose unexpectedly, although analysts had expected them to decline.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.