There is no regular dynamics in the oil market

The oil market price on Wednesday morning demonstrates multidirectional dynamics. At 07:52 Moscow time, a Brent oil barrel was trading at $83 62 cents, which is 0.12% below the conclusion price of the previous commercial day. At the same time, a WTI oil barrel rose in price to $81 26 cents or 0.05%. Investors are evaluating the API data released the day before. The Institute reported a reduction in US stocks of 1 million 77 thousand barrels. The experts anticipated a more considerable decrease in reserves – by 1 million 950 thousand barrels. On Wednesday evening, the US Energy Department will publish its changes, estimate in the oil reserve volume. The market was supported by the announcement of the Libyan oil production resumption. However, there are apprehend that Libyan national experts will be suspended due to challenging weather conditions. Oil market participants also drew consideration to the prognosis of the United States Energy Department. The department expects the world oil consumption may grow to 100 million 500 thousand BPD. Next year it will increase by 1 million 800 thousand b/d.


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Arseny Kudrin

Publicist, trader

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