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Oil prices rose by 0.4% on Wednesday, and the intraday volatility oscillated. Previous reports showed that US crude oil inventories increased more than expected last week, but were offset by reductions in distillate and gasoline inventories.
The United States Energy Information Association (EIA) reported that last week US crude oil inventories increased by 5.022 million barrels, the largest increase since the end of January. The market is estimated to increase by 2.023 million barrels. However, the decline in gasoline and distillate stocks exceeded expectations.
“The downside pressure on the oil market is not that big. Of course, the reason is that the accidental sharp reductions in distillate and gasoline inventories add up to twice the increase in crude oil inventories,” said Bob Yawger, director of energy and futures at Mizuho Bank.
Brent crude oil futures rose 0.25 US dollars, or 0.4%, to close at 64.89 US dollars a barrel. US crude oil futures also rose 0.25 US dollars to close at 60.96 US dollars a barrel.
“I think we lack a clear direction. I think the EIA report does not provide a lot of clues as to whether the oil market is restoring or whether it has stopped. The market continues to be volatile,” said Gene McGillian, Tradition Energy's market research manager.
The Organization for Petroleum Exporting Countries (OPEC) said in its monthly report released on Wednesday that non-OPEC oil supply growth is expected to be 1.66 million barrels per day in 2018, which is the fourth consecutive increase in this estimate since November last year. The estimate is 870,000 barrels per day, mainly due to increased supply in the United States. After the report was released, oil prices were under pressure.
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