On April 8, oil prices will decrease, which is associated with an increase in oil production volumes, a significant increase in gasoline stocks in the USA and deteriorating demand forecasts. Last week, oil stocks in the US fell by 3.5 million barrels to more than 502 million barrels, and gasoline stocks, contrary to expectations of a decrease, increased by 4 million barrels. This is reported enkorr.ua.
Brent oil fell by 0.36% to $62.93 per barrel, WTI oil fell by 0.52% to $59.46 per barrel.
It is noted that the planned consumption by consumer countries of 240 million barrels from emergency stocks offset some fears about a reduction in supplies from Russia due to the introduced By the measure of sanctions.
Analysts say the emergency oil release, which is about 1 million barrels a day from May to the end of the year, could limit price growth in the near term, but will not fully cover the lost volumes if more countries impose sanctions on Russia over its invasion of Ukraine.
“Although this is the largest release since the creation of reserves in 1980, it will not ultimately be able to change the fundamental principles of the oil market. This is likely to delay further production increases at key producers.”, – analysts of ANZ Research note.
