U.S. oil reserves decline

Baku. 8 December. REPORT.AZ/ US commercial oil reserves decreased by 2.39 mln barrels or 0,5% and made 485,8 mln barrels in the period from 26 November to 2 December.

Report informs citing the Forexpf.ru U.S. Energy Information Administration (EIA) said.

Notably, according to the survey conducted by Reuters agency among oil market analysts, oil reserves expected to reduce by 1,032 mln barrels in the reporting week. During the reporting week Oil production in US decreased by 2 000 barrels/day or 0,02% and amounted to 8.697 mln barrels / day.

In addition, oil reserves in America's largest oil storage facility "Cushing " increased by 3.8 mln barrels or 6.2% and reached 65.3 mln barrels, gasoline stocks up by 3.4 mln barrels or (1.9 mln barrels - forecast), or 1.5%. and reached 229.5 mln barrels, distillate stocks up by 2.5 mln or (1.8 mln barrels - forecast), or 1.6% and reached 156.7 mln barrels.

Report informs, decline in oil inventories in United States could not have a positive impact on oil prices.

The reason for this was increase in oil prices close to 20% after the decision at OPEC summit in Vienna on November 30. So investors and traders realize now their own interests and therefore it was not sufficient to increase oil prices. Notably, OPEC non-member countries will meet on December 10 in Vienna. Non members of OPEC are expected to sign a final decision on reduction of production. The positive news from the meeting can lift oil prices up to 55-60 USD/barrel.