Oil is cheaper in the correction after a strong rally the day before

MOSCOW, October 6 — RIA Novosti/Prime. World oil prices on Thursday morning pullback after strong gains yesterday on data from US Department of energy on reduction of stocks of raw materials in the country, according to the auction.

As 06.57 MSK price of the December futures for North sea petroleum mix of mark Brent has decreased on 0,66% — to 51.52 a barrel, while November futures on WTI — on 0,68% — to of 49.49 per barrel.

According to the Ministry, commercial oil stocks in the United States (excluding strategic reserves) for the week ended 30 September, unexpectedly dropped by 3 million barrels, or 0.6% to 499,7 million barrels. While analysts had predicted an increase by 2.56 million barrels. Thus, the inventory reduction continues in the country for a fifth consecutive week. Oil production in the U.S. last week, according to the US Department of energy, has decreased on 0,35%, or by 30 thousand barrels per day, up to 8,467 million barrels per day.

The oil reserves in the country’s largest terminal Cushing (Cushing) has increased by 0.6 million barrels to 62.7 million barrels. Gasoline inventories in the U.S. increased by 0.2 million barrels, or 0.1% — to 227.4 million barrels. Analysts had expected the index to increase by 0.7 million barrels. Distillate stocks fell 2.4 million barrels, or 1.4%, to 160,7 million barrels. Analysts predicted that this figure will drop only by 0.7 million barrels.

After the data Brent crude for the first time since June 10 exceeded 52 dollars per barrel, while WTI crude oil has almost reached the highest level since late June at $ 50 per barrel, rising to 49,97 dollars per barrel.

“Another week, another surprise for the decline of oil reserves from the US Department of energy. Although the volume of oil in storage remains at record levels, this is the third week an unexpected decline in inventories in a row,” said Reuters senior market analyst at brokerage OANDA in Singapore Jeffrey Halley (Jeffrey Halley).