Oil rose about 2 percent

Oil prices jumped about 2 percent, and WTI crude oil rose back above $ 40 per barrel. Support to the market have the data from the Ministry of Energy of the United States, who reported a greater than expected reduction of stocks of gasoline at the end of last week.

US Department of Energy announced that from 23 July to 29 July oil inventories rose 1.4 million barrels to 522.5 million barrels. Analysts had expected a decline in stocks by 2 million barrels. Oil reserves in Cushing terminal fell by 1.1 million barrels to 64.1 million barrels. Meanwhile, gasoline stocks fell by 3.3 million barrels to 238.2 million barrels. Analysts had expected a reduction of only 300,000 barrels. Distillate stocks rose 1.2 million barrels to 153.2 million barrels. This rate is still above the upper limit of the average range for this time of the year. Analysts had expected a decline of 100,000 barrels. The utilization of refining capacity increased by 0.9% to 93.3%. Analysts have suggested that the rate will remain unchanged. US domestic oil production decreased to 8.460 million barrels per day versus 8.515 million barrels a day the previous week. Yesterday the American Petroleum Institute reported that US crude stocks for the week ending 29 July fell by 1.3 million barrels, while gasoline inventories fell by 450 thousand barrels.

A further rise in the cost of oil hinders the strengthening of the US currency. Recall increase in the dollar makes the price of commodities, which are defined in the US currency more expensive for holders of other currencies.

In general, experts are skeptical about the prospects for the oil market, noting the increase in the number of drilling rigs operating in the US, as well as signals of recovery of exports from Libya. "The mood is still very pessimistic and depressing - said Commerzbank analyst Eugen Weinberg -. There are factors that should support oil, but at the moment there is no news that could convince investors that the turmoil is terminated."

The cost of the September futures on WTI rose to 40.24 dollars per barrel.

September futures price for North Sea petroleum mix of Brent crude rose to 42.73 dollars a barrel on the London Stock Exchange ICE Futures Europe.