Forecast: Strengthening of US-dollar can slightly reduce oil prices

Baku. 20 October. REPORT.AZ/ Volume of oil reserves in US decreased by 5.2 mln barrels or 1.1% up to 468.7 mln barrels on October 13-19.

Report informs citing the RIA Novosti, analysts predicted the growth in oil reserves by 2.7 mln barrels.

However, during the reporting week gasoline stocks increased by 2.47 mln barrels or 1.2% instead of projected decrease by 1,319 mln barrels. Oil production increased by 14 thousand bbl / days, or 0.17% and amounted to 8.464 mln bbl / days.

Oil trader at "Tyche Capital Advisors' investment company Tariq Zahir commenting on the report said that although there are positive indicators it does not necessarily mean a positive announcement.

After the news, Brent crude price fluctuated at 52-53USD/bbl range.

Analytical Group of Report believes due to the strengthening of the dollar in the global currency market oil prices may slightly decrease to 50 USD/barrel. However, oil prices are not expected to drop below 50 USD/barrel before the OPEC summit in Vienna, November 8.