US oil reserves now reach a record amount

Baku. 9 March. REPORT.AZ/ On February 25-March 3, the US crude oil stocks increased by 8.2 mln barrels or 1.58%. and amounted to 528.4 mln barrels. 

Report informs citing the Forexpf.ru, Energy Information Agency of US Department of Energy (EIA) said in a weekly report. According to the information, weekly increase in crude oil inventories was the maximum volume since the beginning of 1992.

Saudi Arabia's energy minister said commenting on Khalid al-Falix indications that the decline in oil reserves is a slower than expected:"So in such a situation we can extend Vienna agreement signed on November 30to reduce oil production".

The rise in prices on Thursday could be short-lived, said Michael McCarthy, chief market strategist at Sydney's CMC Markets. "One of the factors (pressuring prices) is the strengthening U.S. dollar on U.S. rate hike (expectations)," McCarthy said.

Report informs, the sharp rise in crude oil reserves in the US has led to a drop in oil prices.

So, yesterday evening, Brent crude oil decreased by 6,57% from 56.65 USD/barrel to 52.93 USD/barrel. 

Analytical Group of Report predicts, oil prices will further decline to the level of 50 USD/barrel and then rise to 65 USD/barrel.