Report: Oil prices will rise after temporary reduction

Baku. 9 March. REPORT.AZ/ US oil reserves for the period from 1 to 8 March rose by 4.4 mln barrels. Report informs referring to the American Petroleum Institute (API), gasoline stocks during this period increased by 2.124 mln barrels. Note that analysts predicted growth in oil reserves by 3 mln barrels, gasoline -1.5 mln barrels.

Excess of reserves in projected volumes led to a drop in oil prices.Thus, despite the predictions of reducing US oil reserves, they continue to grow. Although in the period from 26 February to 4 March, the number of active oil rigs in the United States fell by 2%, or 8 units, totaling 392 units.

Report informs, on March 8, price for Brent crude reached 41.48 USD/barrel, which is the highest rate since 9 December 2015. Notably, this is more by 53% than the price of Brent at around 27.1 USD/barrel for January 20, 2016. Currently barrel of Brent sold at 39.8 USD which is by 1.67 USD, or less 4% than the point of March 8.

Analytical Group of Report News Agency believes that after decline to 35 USD/barrel, oil prices will rise and reach 45-50 USD/barrel.