Oil prices vary too little
Crude oil changes little in price on Thursday, investors digested data on growth stocks in the United States and production cuts in OPEC.
The price of April futures for Brent crude on the London ICE Futures exchange to 13:20 kV Thursday increased by 21 cents (0,38%) to $55,96 per barrel.
Futures price for WTI crude oil for March in electronic trading on the new York Mercantile exchange (NYMEX) rose to the specified time of 20 cents (0,38%) – to $from 53.31 per barrel.
As it became known on Wednesday, volume of commodity stocks of oil in the USA 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.
Investors were expecting increase in oil reserves at 3.5 million barrels.
“Oil is traded in a certain corridor, it is influenced by multidirectional factors, – said the head of Commtrendz Risk Management Gnanasekar Thiagarajan . – Production in the United States is on the rise, and the future direction of prices will depend on who and how will reduce the production of fuel.”
As reported, the OPEC countries carry out an agreement to reduce output by 1.2 million barrels per day to approximately 90%, which is positive news for the market.
Meanwhile, Libya exempted from participation in the agreement, plans to increase production from the current 700 thousand b/d to 1.2 million b/d by August and to 1.7 million b/d by March next year, said a member of the Board of Directors of the Corporation National Oil Corp. Adalla Was Alocale.