Oil is cheaper on 16 may, the API data about growth of its stocks in the USA

World oil prices are down Wednesday morning after the data of the American petroleum Institute (API) about unexpected growth of stocks of raw materials in the United States, according to the auction.

Нафта дешевшає 16 травня на даних API про зростання її запасів у США

As of 8.23 EET the cost of July futures for North sea petroleum mix of mark Brent has decreased on 0,31%, to 78.19 per barrel. The price of the June futures for WTI decreased by 0.28%, to 71,11 dollars per barrel, informs Rus.Media.

According to API, during the work week ended may 11, the oil reserves in the US grew by 4,854 million barrels. The analysts expected reduction of stocks at 763 thousand barrels. In the previous week, the index fell 1.85 million barrels, according to the same organization.

Meanwhile, gasoline inventories fell by 3.4 million barrels (versus expectations for a decline of 1.42 million), distillates – by-768 thousand barrels (expected reduction of stocks by 2.2 million barrels). The oil reserves in the country’s largest terminal Cushing (Cushing) has increased by 62 thousand barrels.

Official data on oil reserves in the country, from the U.S. Department of energy will be published later on Wednesday. “We expect that the data of the energy Ministry will give a” bearish “incentive prices due to the increased number of drilling rigs and production levels in the USA”, – quotes Reuters of analysts at Singapore brokerage Phillip Futures.

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