Oil in storm

Oil quotes was very active in recent days. Growth for a couple of dollars, then slightly smaller decline, and growth again, which followed by a new movement to the south. But yet, after rebounding Brent from $50 per barrel to $52, oil looks more confident. Texas WTI showed worse results, losing in weight more than the previous growth, and, nevertheless, quotes are not far from the level of $48 per barrel.

On Wednesday, prices for black gold could strengthen positions after the release of data from the US Energy Information Administration. Oil inventories in storage were reduced by 3.3 million barrel, which fully coincided with the forecast, and this is the eighth consecutive reduction in the United States. Although it is obviously that the markets retain a share of skepticism about the possibility of further growth of oil quotes.

While inventories in the US are declining, volume production continue to increase, and by the end of the year, US oil companies could reach a mark of 10 million bar. In addition, after the end of the car season, the situation with oil reserves may change to the opposite direction. Therefore, pressure on oil quotes from the US will stay.

The situation can be further aggravated if OPEC does not come up with how to force the participants of Vienna agreement be more responsibly to fulfill their obligations.