Oil becomes more expensive, the price of Brent crude is trading at $55,7 per barrel
Oil prices reference marks rise on Thursday at a moderate pace due to the depreciation of the dollar, boosting the appeal of commodities as objects for investment.
The price of April futures for Brent crude on the London ICE Futures exchange to 17:02 kV Thurs day increased by 1 cent (0,01%) to $55,76 a barrel.
Futures price for WTI crude oil for March at the auction of the new York Mercantile exchange (NYMEX) rose to the specified time of 12 cents (0.23 percent) to $53,23 per barrel.
The US dollar to the Euro in the course of trading, falling 0.6%, to $1,0673 per Euro. A weak dollar increases the profitability of investment in raw materials.
In addition, Russian energy Minister Alexander Novak on Thursday said in an interview to “Interfax” that Russia may reach a target value of reduction of production of 300 thousand barrels of oil per day at an accelerated pace by the end of April.
Oil is rising despite the fact that the volume of commercial oil reserves in the U.S. last week increased by 9.5 million barrels to a record 518,12 million barrels, while gasoline inventories rose by 2.8 million barrels and also reached a historic high 259,1 million barrels.
“The oil market is ignoring the data about growth of stocks in the United States, says Tradition Energy analyst gene Mcgillian. – Market participants focus on the expected rebalancing of demand and supply due to the actions of OPEC.”
Meanwhile, Iraq increased oil supply by 3% in the first half of February, to 3.93 million b/d, although the country participates in the agreement on production cuts. The data obtained on the basis of information received from port agents and carriers, and analyzed by the Agency.