Oil prices recover after the collapse

Oil prices reference marks rise moderately Thursday after a sharp fall on Wednesday to lows since early may on the news about unexpected growth of stocks of fuel of all types in the United States.

The cost of the August futures for Brent crude on London’s ICE Futures exchange at 9:09 rose to 48.48 per barrel. Futures price for WTI crude oil for July in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time to 46,05 dollars per barrel.

“Most likely, the oil quotes will be in a certain range, says analyst at US Bank Wealth Management Rob Howard. – Action by OPEC to support the market, while the growth in US production limits the increase in prices”.

We will remind, on Wednesday the price of Brent crude fell to 48,06 $ per barrel, WTI – up to 45.72 per dollar per barrel.

As reported yesterday, the U.S. Department of energy, commercial oil reserves in the country last week, jumped by 3.3 million barrels. Growth was recorded for the first time in 9 weeks, experts had expected a decline of 3.5 million barrels. Inventories of gasoline in the country increased by 3.32 million barrels, distillates – by 4.35 million barrels. Workload refineries in the country fell by 0.9 percentage points instead of the expected decline of 0.2%, and oil production in the United States decreased by 24 thousand barrels per day.