Oil price lowered in anticipation of the official data on US reserves

Oil priceOil prices declined after the report of the American Petroleum Institute, which sent mixed signals about the state of the market. On the other hand, the decline was limited probably because good data on industry in China, where two separate index showed that business activity is accelerating. The US light WTI crude became cheaper by 0.24% to 53.88 USD per barrel, while the European benchmark Brent oil recorded a drop in price by 0.12% to 56.44 USD per barrel.

The American Petroleum Institute announced that US reserves increased by 2.5 million barrels last week. This was somewhat less than expected. The stocks of gasoline jumped by 1.84 million barrels, while distilled products is a sharp drop from 3.73 million barrels. The reserves repository in Cushing, Oklahoma, which is considered a hub for WTI, rose by 0.544 million barrels.

Today will come the official report of the Energy Information Administration and expectations are it surged by 2.85 million barrels in the week ended February 24.

The economists analyzes showed that countries in OPEC have reduced yield a second consecutive month in February. Then supply from the 11 OPEC countries, within the framework of the deal should lower yield averaged 29.87 million barrels per day, and in January was 29.96 million barrels per day.