Oil price fell despite decline in US inventories

Baku. 31 August. REPORT.AZ/ Commercial oil reserves in the US on August 19-25 decreased by 5.392 mln barrels or 1.16% and amounted to 457.78 mln barrels.

Report informs citing the Forexpf.ru, says report of the Energy Information Administration (EIA) of the US Department of Energy.

Analysts surveyed by the Reuters predict a decrease in oil reserves by 1.75 mln barrels or 0.38%.Gasoline reserves for the reporting period increased by 0.01% or 0.035 mln barrels against the forecast of non-change, amounting to 229.9 mln barrels.

Oil production increased by 2,000 barrels/day in US or 0.02% up to 9.530 mln barrels/day over the reporting period.

Report informs, reduction in oil reserves did not lead to an increase in prices for Brent.The price for Brent fell by 2% and reached $ 50.7/barrel. The reasons for the fall in prices are factors of interruptions in the work of oil refineries due to hurricane Harvey and the end of the summer season.