US oil stocks increased by 2.5 mln barrels

Baku. 1 March. REPORT.AZ/ US Crude oil stocks increased by 2.5 mln barrels from 18 to 24 February. 

Report informs citing Russian media, American Petroleum Institute (API) said. Notably, it is 500,000 barrels less than analysts' forecasts.

The API data are compiled on a voluntary basis and traditionally preceded by the official statistics, the weekly Energy Information Administration (EIA), which today will confirm or refute figures from API.According to the EIA, during the reporting week, crude oil inventories increased by 3 mln, gasoline inventories decreased by 0.4 mln, distillates - by 1 mln barrels.

Notably, after API data published today, price of Brent crude increased by 2.66% up to 56.70 USD per barrel. The trajectory of oil prices will be determined definitively after the publication of today's EIA report and Baker Hughes data on the number of drilling rigs in US on March 3.

Analytical Group of Report believes, downward trend for oil prices will continue and Brent may fall down to the 50 USD / barrel: "However, the fall in prices below 45 USD a barrel not expected in the near future.In the coming year, the highest price can be established at the level of 65 USD per barrel".