Oil price could not exceed 55 USD/barrel

Oil price could not exceed 55 USD/barrel
Oil prices to fluctuate between 50-60 USD/barrel in coming months

Baku. 22 December. REPORT.AZ/ Unexpected increase in oil stocks in US during the reporting week (December 10-16), Brent crude price could not exceed 55 USD/barrel.

Report informs citing the, according to the Energy Information Agency (EIA), oil reserves in US increased by 2.26 mln barrels or.47% and reached 485.4 mln barrels.

Gasoline stocks decreased by 1.31 mln barrels or 0.57% and amounted to 228.7 mln barrels, while distillate stocks fell by 1,55% and made 153.5 mln barrels.

Analysts believe that, oil stocks during the reporting week will decline by 2.52 mln barrels, while gasoline stocks will increase by 1.42 mln barrels and distillate stocks by 1.15 mln barrels.

During the reporting week oil production in US decreased by 10 thousand barrels/day or 0.1% and amounted to 8.786 mln barrels. daily production shows decrease of 4.3% compared to the same period last year.

After the disclosure of information Brent crude oil prices fell by about 3% up to 54.3 USD/barrel.

Analytical Group of Report believes, oil prices to fluctuate between 50-60 USD/barrel in next 3-6 months.

Changes in oil prices may occur in the second half of 2017.

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