Oil quotes managed to stay above the level of $ 74
Brent oil prices rose on Wednesday after three days of losses. This time, the quotes could be kept above the level 74 and has attracted buyers at the drawdown in the area 74,50, to the end of the day, rising from lows of more than one figure. In the morning the barrel retains a bullish bias, tending to the level of 76.
The market was formed to counter the factors that determined the local dynamics of oil. On the one hand, an unpleasant surprise (in all respects) latest data from the United States. As shown by the report of the energy Ministry, last week crude oil inventories unexpectedly increased by more than 2 million barrels against the forecast decline by the same amount.
Sharply increased gasoline stocks to 4.6 million, which also came as a surprise, given the beginning of the season of driving. Continued to grow production, an increase of 31 thousand barrels per day to 10.8 million barrels.
However, in contrast to the negativity with this front were reports that Saudi Arabia increased oil prices for its customers in Asia and Europe, and quite dramatically. In its decision, the Kingdom referred to the collapse of exports from Venezuela. While the Saudi state company Saudi Aramco turned discount policies for European consumers.
In General, the oil market remains focused on the upcoming OPEC summit, which is two weeks. During this time, more of the players can lock in profits in case if the exporters will come that it is time to proceed to the exit. On the other hand, Brent may find inspiration in the comments encouraging potential exporters who might seek to raise prices in anticipation of an important meeting.
Analyst social network for investors
eToro in Russia and the CIS