Oil quotes show a positive trend

Oil prices fell sharply, by updating the two-month minimum, but soon returned and moved into positive territory. The reason for such fluctuations were mixed data on US petroleum inventories.

US Department of Energy reported that crude oil inventories fell more than expected, but gasoline inventories unexpectedly rose. According to the report, during the week of 9-15 July crude oil inventories fell by 2.3 million barrels to 519.4 million barrels, while remaining at high levels by historical standards Analysts had forecast a decline of 2.1 million barrels. Oil reserves in Cushing terminal rose 189 000 barrels to 64.1 million barrels. Gasoline stocks rose by 911,000 barrels to 241 million barrels, while analysts had expected a decrease of 100,000 barrels. Distillate stocks fell by 214,000 barrels to 152.8 million barrels. Analysts had expected inventories to increase by 700,000 barrels. The utilization of refining capacity rose by 0.9% to 93.2%, exceeding analysts' estimates (+ 0.2%). At the same time, oil production in the US rose to 8.494 million barrels per day versus 8.485 million barrels per day in the previous week. Experts say the report is consistent with the latest data from the API report yesterday. Recall, US crude stocks fell by 2.3 million., To 520.9 million barrels. The median forecast assumed a reduction of 2.1 million barrels.

Recently, Barclays analysts noted that Brent prices may reach $ 85 per barrel by 2019, one year earlier than previously expected. In 2017, the bank's experts forecast the average price for a barrel of Brent at $ 57, in 2018 - $ 77.

The cost of the September futures on US light crude oil WTI rose to 45.76 dollars per barrel.

September futures price for Brent crude rose to 47.08 dollars a barrel on the London Stock Exchange ICE Futures Europe.