Oil collapsed yesterday trying to go up
Oil became cheaper all day yesterday. In the evening, the reference price for oil brands have fallen to a minimum of 3 weeks for news about the growth in US oil inventories to record levels. Investors fear that the growth of production and reserves in the United States could negate the OPEC efforts to reduce the supply of fuel.
As a result of trades on March 2 the price of the May contract for Brent crude on the ICE Futures exchange in London fell to $ 01.28 (2.27%) and amounted to $ 55.08 per barrel.
The April futures for WTI on the New York Mercantile Exchange NYMEX fell $ 1.22 (2.27%) - up to $ 52.61 a barrel.
Today, the black gold is trying to go up. May futures for Brent crude on London's ICE Futures Exchange to 8:06 MSK rose $ 0.09 (0.16%) - up to $ 55.17 per barrel.
Futures price for WTI crude oil for April in electronic trading on the New York Mercantile Exchange (the NYMEX) has increased by this time to $ 0.08 (0.15%) - up to $ 52.69 per barrel.
This week, representatives of OPEC countries announced that they comply with the agreement to cut production by about 90%. Russia is not a member of OPEC, but also involved in the agreement, reported a decrease in production faster pace in February.
Saudi Arabia, the world's largest oil exporter, has reduced production in February for the second month in a row, the reduction was 90 th. Barrels per day to 9.78 million b / d. At the same time target the country's production of 10.06 million b / d.
OPEC as a whole was producing last month 32.17 million b / d, up to 65 thousand. B / d less than in January.
Meanwhile, the US Department of Energy previously reported that oil stocks in the country rose by 1.5 million barrels the previous week, to a record in the history of 520.2 million barrels.
Experts point out that without the decline in US stocks, OPEC measures can not be considered successful.