Oil rose after the US Department of Energy report on stocks

Crude oil futures were trading down nearly 1 percent but after the release of the US petroleum inventory report sharply turned, and moved into positive territory.

In the week of August 6-12 crude oil inventories fell by 2.5 million barrels to 521.1 million barrels. Analysts predicted that inventories will rise by 500,000 barrels. Oil reserves in Cushing terminal fell 724,000 barrels to 64.5 million barrels. Gasoline inventories fell by 2.7 million barrels to 232.7 million barrels. Distillate stocks rose unexpectedly by 1.9 million barrels to 153.1 million barrels. Analysts had forecast a drop to 400,000 barrels. The utilization of refining capacity increased by 1.3% to 93.5% vs a decline of 0.4% expected. Meanwhile, oil production in the US rose to 8.597 million barrels per day versus 8.445 million barrels per day in the previous week. Yesterday the American Petroleum Institute reported that crude oil inventories for the week fell by 1 million barrels, while gasoline inventories rose by 2.2 million barrels.

A slight effect on the course of trading had an overview of BMI Research. "China will increase imports of crude oil in the next two quarters after its contraction in the current quarter in the conditions of surplus stocks of raw materials, as well as seasonal maintenance work at refineries. China's imports will rise in the fourth quarter 2016 and first quarter of 2017." Also, experts noted that the reduction in investments in production by state oil companies of China, the depletion of conventional oil reserves, as well as the focus on the development of the gas industry, limit the production of oil in China. According to the National Statistics Administration of China, oil production in the country in July fell by 8.1% - to 16.7 million tons, or 3.95 million b / d, which is the lowest since October 2011.

The cost of the October futures for US light crude oil WTI rose to 47.02 dollars per barrel.

October futures price for North Sea petroleum mix of Brent crude rose to 49.28 dollars a barrel on the London Stock Exchange ICE Futures Europe.