Oil demonstrates positive dynamics

The cost of oil futures rose sharply, again returned to positive territory, helped by data from the US Department of Energy, who reported an unexpected decline in crude oil inventories.

US Department of Energy report showed that in the week of April 30 - May 6 crude oil inventories fell by 3.4 million barrels to 540 million barrels. Analysts on average had expected an increase of 0.5 mln. Barrels. Oil reserves in Cushing terminal rose by 1.5 million barrels to 67.8 million barrels. Gasoline inventories fell by 1.2 million barrels to 240.6 million barrels. Analysts had expected stocks will decline by only 0.6 million. Barrels. Meanwhile, distillate inventories decreased by 1.6 million barrels to 155.3 million barrels. Analysts expected distillate stocks to decrease by 0.8 million. Barrels. The utilization of refining capacity fell 0.6% to 89.1%. Analysts expected an increase of 0.5%. It was also reported that oil production in the US in the week from 30 April to 6 decreased to 8.802 million. Barrels per day versus 8.825 million barrels per day in the previous week.

Recall yesterday's data from the American Petroleum Institute pointed to the opposite situation with petroleum products. According to the report, for the week US crude stocks rose 3.45 million. Barrels. The gain was the largest for 5 weeks. Meanwhile, stocks in the Cushing terminal rose by 1.46 million barrels. Distillate stocks in the US for the week fell by 1.4 million barrels, while gasoline stocks rose 0.3 million barrels.

Support prices also have reports of disruption of oil supplies from Nigeria. Today, Shell Petroleum Development Division announced the event of force majeure related to the export of Bonny Light crude oil. Against this background, oil production in the country could fall to a more than 20-year low. Meanwhile, the Libyan National Oil said it would be forced to suspend production at the fields, providing the bulk of the country's oil exports for a month, if the insurgents will not remove the blockade of the port.

However, experts say that the world's oil reserves are near record highs, and some supply disruptions little that this will change, as the decline in production in some OPEC countries offset by growth of exports from Iran and nearly a record oil production in Saudi Arabia and Russia .

WTI for delivery in June rose to $45.94 a barrel. Brent for June rose to $47.09 a barrel.