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    Oil prices began to soar again

    The reason is the sharp decline in US oil reserves

    Baku. 12 July. REPORT.AZ/ US oil reserves have dropped by 8.13 mln barrels during July 1-7 week.

    Report informs citing the, says the report of the American Petroleum Institute (API). Notably, this is considered to be the maximum reduction since September 2016. Analysts expect oil reserves to decrease by 2.9 mln barrels. According to the API report, US gasoline reserves decreased by 0,801 mln barrels during the week. Oil reserves at the US main oil terminal – Kushing decreased by 2.03 mln barrels and showed the maximum decrease from February to the present.

    Notably, API indicator is accepted as the initial signal of the official oil reserves indicator that will be announced by Energy Information Administration - EIA today at 18:30 Baku time. Analysts forecast decline in official indicator of oil reserves by 2,85 mln barrels.

    Decline in oil reserves can lead to an increase in its price.

    Analytical Group of Report informs, Brent crude oil price has grown by 1.7 % and costs nearly $ 48.3 per barrel. Oil prices are likely to fluctuate in range of $ 42-52 per barrel by the year end.

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