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Analysts explain what affected the black gold market
After the rise in oil prices, quotes of reference brands show a moderate decrease - thus investors assess the signals about the growth of fuel stocks in the United States. So, the July futures for Brent on the London Stock Exchange ICE Futures fell to $ 71 per barrel. At the auction on the eve of their price jumped to 71.24 dollars per barrel. The cost of WTI futures for June at the electronic session on the New York Mercantile Exchange (NYMEX) dropped to $ 61.36 per barrel. At the previous auction, WTI rose to $ 61.78 per barrel. According to media reports, the American Petroleum Institute (API) released a report according to which oil reserves in the United States jumped 8.63 million barrels last week. Official data from the Department of Energy will be published on the evening of May 15, and experts polled by Bloomberg expect them to point out a decline of oil reserves by 1.2 million barrels.
Signals of growth in US stocks turned out to be more important for the market than fears of supply disruptions from the Middle East, where oil went up on May 14. It was reported that four oil tankers were attacked near the territorial waters of the UAE, including vessels from the UAE, Norway and Saudi Arabia. On Monday, another incident became known: a Saudi tanker anchored during refueling in Fujaira, was attacked, having received a hole in the hull. Also, Saudi Aramco, the oil-producing corporation of Saudi Arabia, reported on drone attacks on two production units. After this incident, the company temporarily suspended the operation of the oil pipeline, through which fuel moves from fields in the east of the country to Yanbu port in the west.