The oil operates in decline on the morning of Wednesday. Yesterday's report from the American Petroleum Institute (API) showed an increase of 5.3 million barrels in the United States stocks in the last week, which countered predictions of 1.6 million of analysts falling and leads to recoil in contracts. Today, at 11:30 (Brasilia), the Department of Energy (DoE, in the acronym in English) releases the official data. The strongest dollar also pushes this market.
At 8:25 (Brasilia), WTI Oil for May fell 0.70%, at US $64.79 the barrel, in the New York Mercantile Exchange (Nymex), and Brent for June backed 0.48%, at us $69.13 the barrel, on ICE.
In the DoE's official report, analysts expect there has been an increase of 1.4 million barrels in oil stocks in the last week. In exchange, the dollar is a little stronger this morning. This makes the commodity more expensive for the holders of other currencies and affects the demand.
In the last two weeks, contracts have been supported by geopolitical tensions and the drop in stocks outside the US. Last week, Brent closed over US $70 the barrel for the first time since the end of January, reaching maximum in three years.
DoE's data, however, can show an extra high in American oil production, which should make the price correction continue, according to Commerzbank analysts. On the other hand, Saudi Arabia has publicly reiterated its commitment to holding production, which should help prices to have a support, and may even rise in the short term, in the evaluation of Giovanni Staunovo, commodity analyst at UBS Wealth Management. Source: This is
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