Price of WTI crude oil surpasses Brent

Baku. 25 May. REPORT.AZ/ On May 24 the price of crude oil WTI (Texas, USA) surpassed Brent.Report informs, this happened after the publication of the weekly report on US oil reserves by American Petroleum Institute (API), which indicated a reduction of stocks in the period from 13 to 20 May. For example, crude oil inventories fell by 5.137 mln barrels against the forecast of 2 mln barrels, a record level since December last year. Despite the fact that analysts initially tried to characterize this trend as a result of price adjustments, in fact, the US Department of Energy (DoE) announced a serious reduction of stocks. After the publication of the report of the Texas oil could significantly outperform Brent. Currently, WTI sold at 49.28 USD / barrel, Brent - 49,23 USD/barrel.

Analytical Group of Report News Agency believes that the reduction in the number of active US drilling rigs in the coming year will lead to a drop in oil production in the country, which will ensure the preservation of the high price of WTI.

On the other hand, OPEC oil production capacity and non-OPEC countries will hamper growth in oil prices of Brent. By the end of the year on Texas oil price is expected to be set in the range of 45-55 USD per barrel, Brent - 40-50 USD per barrel. The spread between the two main crude oil could expand to 10 USD. An even greater expansion of the spread will stimulate exports of Brent crude oil, which can then lead to a narrowing of the spread.