At 513.2 million barrels, USA crude oil inventories are in the upper half of the average range for this time of year, the EIA said Wednesday.
USA light crude prices CLc1 were at $47.69 per barrel, down 50 cents.
The crude oil prices recovered on Thursday following heavy losses the day before on news U.S. stockpiles rose unexpectedly.
Analysts expect a 3.447 million barrels drop in crude supplies at the end of last week, along with a build of 697,000 barrels for distillates and a 271,000 barrels build for gasoline.Читайте также: AMD releases 'Radeon Pro 500' Series graphics for iMac
"Investors continue to doubt the ability of OPEC to rebalance the oil market, with crude oil prices remaining under pressure amid further signs of rising USA oil production", ANZ bank said.
The EIA data also showed an increase in imports and a drop in exports.
"We believe that USA inventories will continue falling this summer, allowing OPEC to point to lower stocks as a positive measure of success", Sandy Fielden, director of oil and products research at Morningstar said in a note. Yet, what was more disturbing perhaps, to the market, was a drop in implied demand for US petroleum products across the board, raising concerns about the momentum of the USA economy. Traders believe that the reduction in production of oil by OPEC member countries is one of the reasons why prices are going up. In essence, OPEC will continue to reduce output by 1.2 million barrels per day until March 2018.
The United States Oil ETF (NYSEMKT: USO) traded down about 4.4%, at $9.53 in a 52-week range of $9.23 to $12.45. Oil fell by more than 4% last week, the largest weekly decline since early May, after investors were disappointed that the Organization of the Petroleum Exporting Countries didn't deepen its production cuts at their meeting on May. 25.
Crude production last week edged lower, with total output down 24,000 barrels a day to 9.318 million barrels, the EIA data yesterday showed.However, in a monthly report issued Tuesday, the EIA said it expects U.S. crude production in 2018 to average ten million barrels a day, exceeding the previous annual record of 9.6 million barrels a day in 1970.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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