Oil quotes continue to draw new lows in the charts. Another reason for the decline of the black gold prices was the report of the US Energy Information Administration, which showed increase oil and oil products in storages by 3.3 million barrel. In this connection, Brent crude almost reached the level of $48 per barrel. U.S. West Texas Intermediate stopped its decline at $45.8 per barrel.
The report from the EIA is quite volatile indicator, and can significantly change every week, but from the beginning of April, inventories first time showed the growth. Wherein, the volume is 3.295 million barrels is amounted to almost the same volume the reduction of inventories, which was forecast.
As there is no other news in the oil market, there is nothing left for quotes, how to continue its decline. The danger is also that the growths of inventories take place during the automotive season in the United States. That is, oil companies continue to increase the volume of crude oil production, and demand is cannot get in time with supply. It threatens to glut, which will be put pressure on oil quotes.
In an attempt to keep the price of black gold from further decline, OPEC may come out with verbal interventions in the near future, but without strong evidence about improving the situation in the oil market, words will have little effect on prices.