The oil quote kept winning this Wednesday, even after data showed that U.S. oil stocks had an unexpected increase last week.
Future WTI crude oil contracts, traded in new York, had gains of us $0.43, or about 0.7%, and were traded at US $66.00 the barrel around the 11:35. The prices were around US $66.03 before the disclosure of inventory data.
The Energy Information Administration stated in its weekly report that crude oil stocks had an increase of 3.3 million barrels in the week that ended on 6 April.
This compares to analysts ' expectations that crude oil stocks had been reduced by around 600,000 barrels, while the American Petroleum Institute reported on Tuesday an increase of 1.8 million barrels in the supply.
The stock in Cushing, Oklahoma, the main delivery point for the crude oil of Nymex, had an increase of 1.1 million barrels in the last week, she informed her.
The total of crude oil stocks in the U.S. was 428.6 million barrels last week, which she considers to be in the lower half of the mid-range for this time of year.
The American oil production, conducted by the extraction of shale oil, reached the historic maxim of 10,520,000 barrels a day last week, staying above the production levels of Saudi Arabia, the world's leading exporter, and approaching the Levels of Russia, the world's largest oil producer.
Analysts and investors recently warned that shale oil producers in the US could affect OPEC's efforts to reduce excess supply.
The report showed that gasoline stocks had an increase of 500,000 barrels, which compares to expectations of a 1.4 million barrel reduction. In the case of stocks of distillates, including Diesel, the EIA reported a reduction of 1 million barrels.
In addition, Brent oil, a reference to oil prices outside the US, was advancing us $0.43, or about 0.6%, to us $71.48 the barrel.
The Brent quote jumped to the highest level since the end of 2014 at the beginning of the session, driven by the possibility of a U.S. military attack on Syria.
Although Syria is not itself a significant oil producer, the Middle East in general is the most important exporter of oil in the world and tensions in the region tend to leave the oil markets apprehensive.
There are also concerns that the United States may impose sanctions against Iran, a major oil producer in the Middle East. Source: Money Times
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