Oil quotes show a positive trend

Oil prices are rising moderately, ending a four-day decline, as investors once again focused attention on the excess world supply of oil. Earlier today, oil became cheaper amid signs that Canada and Libya are improving delivery.

In the course of trading influence the publication of data on standby in the US petroleum inventories. Today released a report on the API, and tomorrow will publish the official data of Ministry of Energy of the United States. According to experts, a report from the Ministry of Energy show that in the week ended May 20, crude oil inventories fell by 2.5 million barrels to 538.8 million. Barrels. Recall that in recent weeks, stocks fell after reaching a record of more than 80-year highs.

Moderate pressure on oil have news from Iran. Today news agency, Iraqi Media Network with reference to the deputy minister of the oil industry Fayad al-informed him that Iraq increased its oil production to 4.7 million barrels per day and exports -. To a record 3.9 million barrels per day.. "Iran has increased its manufacturing, while Iran says to increase to 2.2 million barrels per day, OPEC would not limit production growth.", - Said CMC Markets analyst Michael Hewson.

Meanwhile, today, OPEC President Mohammed bin Saleh al-Sada said that the oil market is slowly recovering from a sharp drop in the past two years, but oil is still not trading at a fair price, which could encourage the necessary investments. Al-Sada said that the $ 65 per barrel - this is the minimum price, which is extremely necessary at the moment. Against the background of the situation of Al-Sada did not rule out the resumption of the debate on the freezing of oil production, despite the failure of negotiations in April. Recall OPEC meeting-exporting countries, including Iran, scheduled for June 2nd.

Market participants also drew attention to the updated forecasts of Citigroup. "Oil prices continue to rise until the end of the year. According to forecasts, the average price of Brent in the third quarter will be $ 50 and rise to $ 65 by the end of the year. In the middle of the year on the market supply and demand will be equal, and in the next 6 quarters of the world will face with oil deficit - said Citigroup analyst Ed Morse -. it is clear that the oil price just above $ 40 a barrel is too low to replenish the proven reserves and meet the growing demand "

WTI for delivery in July rose to $48.73 a barrel. Brent for July rose to $48.70 a barrel.