Oil quotes continue to fall after inventory data

Oil prices fell more strongly after the US Department of Energy reported a decrease in oil reserves and a strong increase in stocks of petroleum products, including gasoline and diesel fuel. Oil production in all US states except Alaska and Hawaii declined slightly, but this decline was offset by an increase in oil production in Alaska.

In the week of July 2-8 fell stocks of gasoline and other petroleum products rose unexpectedly..In the weekly department report oil inventories fell by 2.5 million barrels to 521.8 million barrels, but remained at a very high level by historical standards for a given period of the year. The average forecast of analysts anticipated a decline in stocks by 3.3 million barrels.

Oil reserves in the terminal Cushing (Oklahoma), which supply of oil traded on NYMEX, fell by 232,000 barrels to 63.9 million barrels.

Gasoline stocks rose by 1.2 million barrels to 240.1 million barrels. Analysts had expected gasoline stocks to fall 900,000 barrels.

Distillate stocks rose by 4.1 million barrels barrels to 153 million barrels. This rate is still above the upper limit of the average range for this time of the year. Analysts expected distillate stocks compared to last week will not change.

The utilization of refining capacity fell by 0.2 percentage points to 92.3%. Analysts suggested that the figure will rise by 0.5 percentage points.

Earlier, oil fell after the International Energy Agency (IEA) warned that oversupply on world markets threatens to price recovery.

IEA, coordinating energy policies in industrialized countries, reported that stockpiles continued to rise in June, bringing the oil in floating storage to a high of over 7 years.

Despite the pessimistic outlook of rising oil prices, the IEA raised its forecast of demand for black gold in 2016 and 2017 0.1 million barrels per day to 1.4 and 1.3 million barrels per day, respectively.

Credit Suisse on Wednesday raised its forecasts of an average cost of WTI crude oil in 2016 and 2017 to $ 43.59 and $ 55.00 per barrel, respectively, $ 36.91 and $ 52.88 per barrel.

Forecasts of the average cost of Brent crude oil in 2016 and 2017 have been revised upward to $ 44.53 to $ 37.77 per barrel in 2016 and $ 56.25 to $ 54.25 per barrel in 2017.

The cost of the August futures for US light crude oil WTI fell to 44.84 dollars per barrel.

September futures price for Brent fell to 46.17 dollars a barrel on the London Stock Exchange ICE Futures Europe.