The upward trend in the oil market has been strengthening for a week. Crude oil prices have not been able to break through the $ 50 per barrel level and are the highest this year. In addition, gold has weakened against the dollar, which has kept wholesale gasoline prices at their highest level since August and diesel prices since November last year.
At the moment, there is a high probability of further growth in prices for gasoline, diesel fuel and lubricants, including OMAN industrial oils at http://brentoil. com.ua/17.html . Over the past week, Brent crude prices have set new highs this year at $ 49.85 a barrel.
The rate of price growth, however, has clearly slowed down. The International Energy Agency announced that in the first quarter of this year, growth in crude oil inventories in OECD countries was the lowest since 2014. While in February, crude oil inventories fell for the first time in a year. In the first quarter, we also saw higher-than-expected global consumption - 1.4 million barrels per day, while for the entire 2016 consumption is estimated at 1.2 million barrels per day.
Meanwhile, US crude oil inventories rose 1.3 million barrels last week. Oil production in 48 states in the United States fell to 8.28 million barrels per day last week. Oil is one of the few commodities whose prices are rising, despite the observed another wave of dollar strengthening. The market is supported by temporary global supply restrictions.
Wildfires in Canada pose a serious threat to oil extraction from tar sands. Oil production in Nigeria fell from 2.2 million barrels per day at the beginning of the year to 1.4 million barrels per day. It is currently assumed that the world oil production due to unforeseen factors will reach 2-2.5 million barrels per day. At the same time, oil exports are growing steadily in Iran. In May, the volume of supplies exceeded 2.1 million barrels per day. Thus, there are opinions that sooner or later the oil market will have a downward correction.
