US oil reserves increased despite forecasts

US oil reserves increased despite forecasts
Prices for Brent will fluctuate at range of 40-55 USD/barrel by the year end

Baku. 19 July. REPORT.AZ/ In the week of July 8-14, crude oil reserves in the US increased by 1.63 mln barrels.

Report informs citing the Forexpf.Ru, says the report of the American Petroleum Institute (API). Analysts had expected a decline of 2.1 mln barrels. According to the API report, for a week, gasoline stocks in the US fell by 5.45 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 a decline of 3.5 mln barrels in stocks, which could trigger an increase in oil prices.

Analytical Group of Report notes, Brent crude oil price began to decline amid reports of non-compliance with the terms of the deal on production cut by Kazakhstan and Ecuador and now it is traded at about $ 48 per barrel.Dissatisfaction of market participants with the decision of OPEC to prolong the Vienna agreement, as well as the news about the increase in reserves and oil production in the United States contributed to the fall in oil prices.For this reason, the price for Brent is forecasted to fluctuate in the range of $ 40-55 per barrel by the end of the year.

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