The day oil prices changed in different directions, WTI crude oil, recouping part of the losses, tried to correct by raising, while Brent rose in price.
The cost of the September futures for Brent crude on the London ICE Futures exchange to 14:26 totaled $accounting period by 43.46 per barrel, or $0,17 (0,39%) above the price of closing of previous session.The WTI crude for August in electronic trading on the new York Mercantile exchange (NYMEX) by this time has fallen in price by $0,03 (0,07%) to $is 40.87 per barrel.
Investors are watching data on the continued spread of the coronavirus in the United States. In some States in the North-East of the country, marked slowing of the spread of infections, while in many southern States, which since may has started to return to normal life, now there is a new outbreak. According to the Johns Hopkins University, in the USA there are about 60 thousand new cases of infection with coronavirus for a day, which is a record for the country since the beginning of the pandemic.
The oil reserves in the U.S. for the week ended July 3 rose to 5,654 million barrels, revealed in Wednesday’s weekly report of U.S. Department of energy. Gasoline inventories in the United States for the week decreased to 4,839 million barrels, distillates – have increased by 3,136 million barrels.
Oil stocks on terminal Cushing grew by 2,206 million barrels.Experts polled by S&P Global Platts, on average, had expected that the statistics will show a decrease in oil reserves last week by 3.7 million barrels. According to their forecast, gasoline stocks fell 1.2 million barrels, distillates – on 500 thousand barrels.
The growth of oil reserves in the U.S. due to increased oil imports, said chief financial officer Velandera Energy Manish Raj, who was quoted by MarketWatch. According to him, this is a positive factor for the market because it points to the growing demand in the country.
In addition, ANZ analysts, who cited S&P Global Platts, indicate that “a positive aspect in the report on the reserves is the reduction in petroleum reserves by 4.8 million barrels, which indicates a high demand for fuel”.
According to analyst firm Kayrros, the demand for fuel last week rose in all U.S. States except Arizona, Texas and Florida, where there has been a sharp rise in new cases of infection with coronavirus.