The oil market in the Asian session on Wednesday continues to rise thanks to the American Institute of oil (API) about unexpected reduction of commodity stocks of fuel in the United States.

The price of oil topped $63 a barrel

This is with reference to Interfax reports Biznestsentr.

Read also: oil Prices have moved to increase after falling to a low of two weeks

The price of April futures for Brent on London's ICE Futures exchange rose $0.64 to (1,03%) - to $63,06 per barrel.

The price of futures for WTI for March in electronic trading on the new York Mercantile exchange (NYMEX) increased by that time as $0.55 (1.34 percent) to $53,65 per barrel.

At the end of the previous session, the contract for Brent increased in price by $0,91 (1,5%) to $of 62.42 per barrel, while WTI rose by $0,69 (1.3 percent), to $53,10 per barrel.

On the eve of the optimism of market participants was supported by the data on the January production cuts of OPEC oil.

Estimated API, commercial stocks of oil in the United States for the week ended 8 February, dropped to 998 thousand barrels, distillates - by 2.48 million barrels, but gasoline reserves increased by 746 thousand barrels.

Now, traders are focused on the data of energy U.S. energy stockpiles, which will be released on Wednesday at 18:30 Moscow time. Experts polled by S&P Global Platts, predict growth of oil reserves in the US by 2.7 million barrels. According to their estimates, the reserves of gasoline grew last week by 800 thousand barrels, distillate stocks declined by the same 800 thousand barrels.

Meanwhile, the U.S. energy Department in its monthly report, raised estimates of oil production in the country in 2019 and 2020. Price forecasts for Brent and WTI for the current year was slightly improved, next reduced by 4%.


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