"Report": Oil price will gradually rise

Baku. 29 March. REPORT.AZ/ Crude oil reserves in the US once again demonstrated an increase on March 18 to 24 and climbed to a new absolute historical level. 

Report informs citing the American Petroleum Institute (API), crude oil reserves increased by 1.91 mln barrels.

Notably, API data compiled on a voluntary basis and traditionally precede the official weekly statistics of the Energy Information Administration (EIA), which today will confirm or disprove the figures from the API. Analysts predict an increase in stocks by 1.357 mln barrels, but most likely, this figure will be slightly higher.

Analytical Group of Report notes, Brent crude oil has risen to 51 USD per barrel after a decline to 50 USD. The reason lies in the possible extension of the OPEC agreement on production cuts in April meeting.

Analysts forecast an increase in oil prices to 60-65 USD per barrel in May: "As we noted earlier, Brent crude oil filled the void at a price level of 50.47 USD/bbl and ready to start moving upwards".