Oil: a review of the market situation

Oil prices traded lower, after a report on oil showed that U.S. crude inventories increased substantially. According to data from the Energy Information Administration, last week, oil reserves rose by 3.26 million barrels, while reaching 385.9 million barrels. In addition, it was reported that oil production rose to 1,000 barrels per day to 7.15 million, while closer to 20-year high, which is located at the level of 7.16 million Note also that gasoline inventories decreased by 1.6 million barrels to 221.2 million, while distillate stocks of fuel, which include heating oil and diesel, fell 4.51 million barrels to 115.3 million. In addition, it was reported that refinery utilization in the U.S. rose to the level of 85.7%, up from 83.5% the previous week

The report also showed that U.S. crude inventories in the center storage in Cushing, Oklahoma, rose by 439,000 barrels to 49.5 million.

Meanwhile, we note that with a decrease in stock prices, and the fall of the euro to a four-month low against the dollar, putting further downward pressure on oil prices.

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 95.98 dollars per barrel.

May futures price of North Sea Brent crude oil mix rose 6 cents to $ 109.46 a barrel on the London Stock Exchange ICE Futures Europe.