On Thursday, oil quotes showed a significant drop after the release of data on oil production in the United States: the indicator reached record values over the past three and a half years. At the moment, the price of Brent dropped to $83.06 per barrel, the current quote of the asset is $83.64. North American WTI oil shows similar dynamics: the daily minimum is at $78.95 per barrel, the current quote is $79.65. According to yesterday's report from the US Department of Energy, commercial oil reserves decreased by 5.96 million barrels per week, while gasoline reserves decreased by 262 thousand barrels, and distillates increased by 296 thousand barrels. These data differ from the forecasts of analysts who expected a reduction in oil reserves by 2.26 million barrels, gasoline – by 1.6 million barrels, and the preservation of distillate reserves at the same level. Oil production in the country increased by 100 thousand barrels per day, reaching 12.7 million barrels per day. This was the highest value since March 2020. In Cushing, where there is oil for trading on the NYMEX, stocks fell by 837 thousand barrels after they increased by 159 thousand barrels the previous week. Analysts note that although the market expects a decline in supply in the second half of the year, current fears of a recession and a slowdown in China's economic growth strongly affect market sentiment.
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