US oil reserves continue to rise

Baku. 26 April. REPORT.AZ/ US oil reserves showed growth in the amount of 0.897 mln barrels during April 15-21 week.

Report informs citing the Forexpf.ru, American Petroleum Institute (API) reported.

According to API, during the week US gasoline stocks rose by 4.45 mln barrels.

Notably, API's report today considered as the first signal of official report today at 18:30 (Baku time) by US Department of Energy Information Agency (EIA).

Analysts believe, the official index of oil reserves in the US expected to decrease by 1.75 mln barrels and make 530,6 mln. barell. Decrease in reserves can lead to the increase in the price of oil.

Analytical Group of Report says that, while analysts expected decrease in oil reserves, according to API’s report oil and gasoline reserves increased, Brent crude oil price decreased. At present, Brent crude oil sold above 52.5 USD/barrel.

The main change in oil price expected to be in May. Thus, probabilities of extending Vienna agreement on production cuts in May, at the meeting of OPEC is likely to increase future oil prices over $ 60/barrel.