According to the report of the US Energy Information Administration, crude oil inventories in storage decreased by 1.66 million barrel, but this information absolutely did not help for the black gold prices. This was due to the fact that the gasoline stocks increased by 2.1 million barrels. The growth of reserves of finished oil products at the top of seasonal demand is a very bad sign for oil quotes. It turns out that the demand in the United States is greatly loses to the supply. In addition, crude oil production by US oil companies continues to increase, endangering plans of OPEC to achieve a balance in the oil market.
The other news also does not bring anything good for oil prices. Despite the fact that the OPEC+ agreement to cut production by exporting countries is performed almost 100%, last month production inside the cartel grew thanks to Libya and Nigeria, which are exempt from quotas.
At the same time, the International Energy Agency in its report reports about a record supply in the oil market. IEA lowered the outlook for the growth of demand for this year, and increased it to the next. But in the agency considered that the wishing to sell oil in the market will be more than willing to buy, due to increased production by the exporting countries which are not a part of OPEC.