Quotes of oil rose to a six-month high, supported by forecasts of the International Energy Agency (IEA), but later the price went back into negative territory against the strengthening of the American currency.
“The catalyst for the recent rally seems to have been the IEA report, which stated that production will fall rapidly and the demand will continue to grow more strongly than previously expected”, – said Tom Pug, an economist at Capital Economics.
The IEA report says that the long-awaited balance is restored in the global oil market. “In April, the world’s oil reserves increased by 250 thousand barrels to 96.2 million barrels a day, as higher OPEC supply levels more than offset the decline in the countries of supply, non-OPEC, -. The report says -. However, , at an annual rate of world output in April grew by only 50 th. barrels per day, compared with a gain of more than 3.5 million barrels a day a year ago. ” Also in the IEA report it notes that in 2016 supply from countries outside OPEC, reduced by 800 thousand. Barrels to 56.8 million barrels per day.
Analysts said that while the IEA data help support prices, the gradual return of the Canadian oil and expectations that prices are approaching levels that could cause the return of some US-made, can put pressure on oil.
In the course of trading also continues to impact on the US Department of Energy report, presented on Wednesday. Recall, the data pointed to a drop of commercial oil reserves by 3.4 million barrels in the week from 30 April to 6. Analysts had expected an increase of 0.5 mln. Barrels.
WTI for delivery in June fell to $45.88 a barrel. Brent for June fell to $46.94 a barrel.
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