Oil reserves considerably exceeded forecasts

In the middle of the week, crude oil futures were traded with no changes before the publication of important macroeconomic data on stocks of "black gold" in the vaults of the United States. The data was disappointing. According to the releases the reserves of crude oil have increased to 3.955 million barrels versus the forecasted 0.102 million barrels. Traders watch for signs of reduction in the global oversupply of "black gold", because of which the price of oil since 2014 has lost almost half its price. However, in the last few months was observed a reduction in the oil production in America. According to the results of the previous two weeks the reserves were reduced by almost four million barrels to 454 million. Analysts from Fort Financial Services say that concerns about the slowing global economic component keeps prices within a narrow range.
It should be noted that futures of Brent crude oil traded practically with no changes. Trades were closed at 48.37 dollars per barrel. WTI oil was closed at 45.09 dollars per barrel. According to the report of the American Petroleum Institute of the past week the total reserves of "black gold" in the vaults of the United States have increased significantly. According to the releases, crude oil inventories rose to 3.955 million. barrels against the forecasted growth of 0.102 million. barrels. For traders, these preliminary results are negative, but they have not yet been materialized with the signal, announce the analysts from FortFS. In fact, this information was contrasted with a decrease of commercial stocks of "black gold" in the Cushing terminal, reported earlier by API.
It must be noted that according to the survey conducted by Bloomberg, market participants expected a decrease in reserves. The dynamic component of the recent events is a bit different from what we were used to see in the beginning of autumn. Traditionally, at this time of the year reserves increase, whereas gasoline demand decreases, plus a number of oil-processing plants closed for the purpose of preventive maintenance.
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