Oil prices fell yesterday on production growth signals in the OPEC countries.
Following trades held on February 28th, the cost of April contract for Brent crude oil on the ICE Futures exchange in London fell $ 0.34 (0.6%) and amounted to $ 55.59 per barrel.
April futures for WTI on New York Mercantile Exchange NYMEX fell $ 0.04 (0.1%) – up to $ 54.01 a barrel.
Today black gold slightly gets more expensive.
May futures for Brent crude oil on London Stock Exchange increased by 11 cents (0.2%) – up to $ 56.62 per barrel.
Quotes of April contract for WTI oil grew by 6 cents (0.1%) – up to $ 54.07 per barrel.
Oil strengthens, as Trump has no plans to increase production in the US
On Wednesday, oil has risen as the dollar has limited its growth, and Donald Trump, speaking before the Congress, has not disclosed details of the plan for offshore production capacity.
West Texas Intermediate added 11 cents, or 0.2% to $ 54.12 per barrel, while Brent – 15 cents, or 0.3% to $ 56.66.
“It seems that no news can be regarded as good news, and oil prices will rise at London session. If Trump announced intentions to mitigate the regulatory standards for oil, it would put pressure on the WTI”, – says Jeffrey Holly, senior analyst at OANDA in Singapore.
Now, all attention shifted to the report on oil stocks from the Energy Information Administration.
Stock futures and the dollar have limited growth as Trump confirmed his intention to carry out immigration and tax reforms.
Crude oil reserves in the US have been rising for seven consecutive weeks. Last week, according to the forecasts, they added 3.1 million barrels.
During the week ending February 24th, oil stocks rose by 2.5 million barrels.
OPEC countries in February again reduced the volume of oil production, showed the study conducted by Reuters.
Brent ranges from $ 55.93 to $ 57.26 per barrel.
WTI may strengthen to resistance at $ 54.28, which break would open the way up to $ 54.62.