News in USA lifted oil price - ANALYSIS

Baku. 22 September. REPORT.AZ/ After two economic indicators released on September 21 world oil prices increased by 4,5% and reached 47,2 USD.

Report informs, one of the indicators is the US oil reserves.

According to the US Department of Energy report for September 15-21, commercial oil reserves, instead of the estimated increase at 3,361 mln barrel decreased in the amount of 6.2 mln barrel took place. In addition to that, gasoline stocks in reporting week decreased by 3.204 mln barrels instead of the projected 1.3 mln barrels.

Not rising oil prices against the background of a sharp decline in inventories caused by increase in oil production by 0.22% up to 8.512 mln barrels.

After the last day of the meeting US Federal Reserve System (FRS) maintained fixed interest rate. That was the another reason for increase in oil price This decision led to the decline of the dollar in currency markets and ultimately increase in oil prices.

Analytical Group of Report believes the oil price may go up within a week. Brent crude oil price expected to rise to 50 USD per barrel prior to the informal summit of oil producing countries in Algeria on 26-28 September and in the event of a decision to freeze production it is projected to rise to 55 USD.