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Oil Prices Have Weakened Growth In Anticipation Of Data On Stocks In The United States

Oil Prices Have Weakened Growth In Anticipation Of Data On Stocks In The United States

The price of oil on Wednesday afternoon continues to rise; but at a weaker pace compared to the morning dynamics, traders expect the publication of statistics on stocks in the United States for the past week, according to trading data.

The price of March futures for Brent North Sea oil blend rose by 0.02% to $ 56.59 per barrel, and February futures for WTI by 0.17%, to $53.29 per barrel. In the morning, oil rose in price by 1.3-1.4 percent.

On Wednesday evening, the US Department of Energy will publish statistics on commercial oil reserves in the country for the week to January 8. According to experts, the decline may reach 2.3 million barrels. On Wednesday night, the American Petroleum Institute (API) reported that it estimated a decline of 5.8 million barrels. The drop in the indicator may be the fifth in a row.

It affects oil quotes and the dollar exchange rate. So, in the morning, the dollar index (the dollar exchange rate against a basket of currencies of six countries — the main trading partners of the United States) fell by 0.1%. A cheaper dollar usually supports the prices of commodities, including oil, as in this case, the raw material becomes more accessible when it is purchased in another currency. In the afternoon, the dollar index moved to an increase of 0.2%, which restrains the price of oil.

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