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    Growth in US oil reserves 6 times higher than forecasts

    Oil prices  declined below 55 USD/barrel

    Baku. 8 February. REPORT.AZ/ During February 2-8 crude oil stocks in US, 6 times exceeded forecast and increased by 14.23 mln barrels instead of 2.5 mln barrels. Report informs citing the İ, American Petroleum Institute (API) reported.

    Notably, API's report today considered as the first signal of official report by US Department of Energy Information Agency (EIA).

    According to the forecast by EIA, during the reporting week oil reserves will increase by 2,529 mln barrels, gasoline stocks by 1,071 mln barrels, while distillate stocks by 0.3 mln barrels.

    Notably, API's report yesterday February 7 caused fall in Brent crude oil price by 2,5% up to 54,58 USD/ barrel.

    EIA's report today and US weekly data on oil production and the number of active drilling wells from Baker Hughes will determine the trajectory of movement of oil prices.

    Analytical Group of Report News Agency believes, decrease in oil prices expected to continue today.

    "Brent" crude oil price can decline to the level of 50 USD/barrel. However, in the near future oil prices not expected to drop below 45 USD/barrel. Maximum rise can be 65 USD/barrel.

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