Oil prices are rising during Asian trading on Wednesday, recovering from the previous month’s 1.5-month low, thanks to signs of a reduction in the excess supply of hydrocarbons in the US
According to the American Petroleum Institute (API), published on Wednesday night, commodity oil stocks in the US declined last week by 4.16 million barrels, gasoline – by 1.93 million barrels.
The contract for Brent crude for delivery in July at the London Stock Exchange ICE Futures by 8:00 sq. Rose to $ 0.36 (0.71%) – to $ 50.82 per barrel.
The cost of the WTI futures contract for June in the electronic trading of the New York Mercantile Exchange (NYMEX) increased by $ 0.28 (0.59%) to $ 47.94 per barrel by that time.
As a result of the previous session, Brent crude fell 2.1% to $ 50.46 a barrel, WTI – by 2.4%, to $ 47.66 per barrel.
Experts warn that the price increase is likely to be short-lived, and, like Stuart Ive of OM Financial, recommend “to remain vigilant and wait for a reversal.”
Official data of the US Department of Energy on oil reserves and production will be made public at 17:30 square meters on Wednesday. Analysts estimate that the Ministry of Energy will report a decrease in commercial oil reserves by 3 million barrels per week, which ended on April 28.
In addition, market participants are waiting for the next meeting of OPEC, which will be held on May 25 in Vienna, because it is on it that the cartel countries are going to decide whether to extend oil production limitations for the second half of the year.