Oil price started to decline after API report

Baku. 14 May. REPORT.AZ/ US oil reserves showed growth of 2.75 mln barrel during June 3-9 week. Report informs citing the Forexpf.ru, this information reflected in report by American Petroleum Institute (API).

Analysts expected drop in oil reserves by 2.7 mln barrels. According to API's report, gasoline stocks in the United States increased by 1.79 mln barrel.

Notably, API index regarded as initial signal indicator of the oil reserves that will be announced on June 14 at 18: 30 Baku time. Analysts forecast drop in official index of oil reserves by 2,995 mln barrel.

Analytical Group of Report informs, “Brent "crude oil prices started to fall with news of an increase in oil inventories in the US and currently sold at 48 USD/barrel. Factor of dissatisfaction of market participants with extension of Vienna agreement on production cut during OPEC’s meeting in May and also news about increase in US oil reserves and production started to reduce oil prices. Therefore, oil prices expected to fluctuate between $ 45-55 / bbl this year till year end.