Decline in US gasoline inventories lifts oil price up

Decline in US gasoline inventories lifts oil price up
The sharp increase possible in summer season

Baku. 30 March. REPORT.AZ/ On March 18-24, the US oil reserves declined by 1,5% or 3,7 mln. barrels and amounted to 239,7 mln. barrels. 

Report informs citing the, U.S. Energy Information Administration (EIA) stated. 

According to forecasts, initially, decline in gasoline stocks in the amount of 1.89 mln barrels is expected.

According to information, during the week oil reserves increased by 0.9 mln barrels or 0.2% and reached 534 mln barrels.

Notably, according to the survey conducted by Reuters analysts, oil reserves expected to increase by 1,357 mln barrels, while Bloomberg analysts believe in increase in amount of 2 mln barrels.

More increase in inventories than forecasted and gasoline stocks, in contrast that showed more decrease than predicted, lifted oil prices up from March 29. Thus, Brent crude oil prices rose nearly 2% and exceeded 52 USD/barrel.

The analysts believe, due to the increase in demand for gasoline on the eve of the summer season after a few weeks e in oil inventories expected to decline in the US.

In April, OPEC extends agreement on production cuts for another 6 months, then two positive factors mentioned it will lead to a sharp increase in oil prices. 

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