Oil: an overview of the market situation

Oil prices fell today , while dropping to one-month low (mark WTI), after a report showed that inventories of gasoline and distillates rose , and production increased .

Futures fell 1.1 percent after the Energy Department data on changes in stocks in the week December 23-29 showed that:

- Oil reserves fell by 7.007 million barrels to 360.567 million barrels ;

- Gasoline inventories rose by 0.844 million barrels . to 220.716 million barrels . ;

- Distillate stocks increased by 5.042 million barrels . to 119.147 million barrels .

- Refining capacity utilization rate of 92.4 % against 92.7 % a week earlier .

Distillate stocks are forecast should grow by 750 thousand , while gasoline inventories had to climb the 1,000 barrels , according to the average of eight analysts in the survey responses . Gasoline stocks are projected to increase 1.38 million As for oil , they are estimated to have been reduced by 2.83 million In addition, it was reported that U.S. production increased by 10,000 barrels per day to 8.12 million barrels , while reaching the highest level since 1988.

Price dynamics also affect the growth expectations of the Libyan demand. Libya hopes to resume production at one of its largest oilfields - El Shararah west of the country , within three days after the protesters agreed to suspend their two-month strike .

Experts note that the increase in oil exports from OPEC , which has fallen to less than 250,000 barrels per day from 1.4 million barrels per day in July , will stimulate supply and put pressure on prices.

February futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 94.49 a barrel on the New York Mercantile Exchange.

February futures price for North Sea Brent crude oil mixture fell $0.75 to $107.07 a barrel on the London exchange ICE Futures Europe.