Analysts predict decline in US oil inventories

US commercial oil inventories (excluding the strategic reserve) for the week ended February 11 fell by 1.6 million barrels to 408.6 million barrels, Report informs.

Analysts are making such forecasts in anticipation of the weekly review of the US Department of Energy, which will be released on February 16.

The UK Office for National Statistics (ONS) will soon publish data on the dynamics of consumer prices in the country. Experts predict that annual inflation in January remained at the level of December, at 5.4%. On a monthly basis, consumer prices are expected to decline 0.2% in the reporting month after gaining 0.5% in December.

The European statistical agency Eurostat will publish data on industrial production in the eurozone countries at noon. According to analysts’ forecasts, total industrial production in the countries of this currency bloc decreased by 0.5% in annual terms in December after falling by 1.5% in November. The month-on-month increase of 0.3% is expected after a 2.3% growth a month earlier.

Further, the US Department of Commerce will publish data on retail sales in the country. Experts believe that their volume in January rose by 2% in monthly terms after falling by 1.9% in December.

In addition, the US Federal Reserve System will publish data on industrial production in the country in January. According to experts’ forecasts, the indicator rose by 0.4% month-on-month after losing 0.1% a month earlier.

The Fed will also publish the minutes of its last meeting on January 25-26, when it expectedly kept the base (discount) rate at the level of 0-0.25% per annum. In addition, the regulator decided to maintain the pace of curtailing the repurchase of assets from the market in February.