API: US crude oil inventories rose by more than 7 million barrels over week
The market's expectations of a decline in crude stocks were refuted. On Wednesday, trade group API reported last week's increase in U.S. crude inventories. The gain amounted to several million barrels.
According to the American Petroleum Institute (API), oil reserves added 7.6 million barrels over the week. Earlier it was 14,865 million barrels.
The API posts approximate figures of the upcoming official data from the U.S. Energy Information Administration (EIA). The exact statistics are to be published this Thursday.
The EIA is expected to report a 593,000 barrel decline in fuel reserves compared to last week's 18.962 million barrel increase.
A reduction in black gold reserves usually leads to an increase in oil prices and vice versa.
At the present time, the cost of gold is firmly entrenched at $1,900 dollars per ounce. That mark is already very close to a possible maximum predicted by analysts. That kind of dynamics is driven by noticeable dollar weakening and decrease in the yields of the U.S. government bonds.
27 JanuaryAccording to expectations of strategists of the Internationale Nederlanden Groep, gold will grow in 2023.
27 JanuaryThe U.S. economy unfolded more actively in the fourth quarter than analysts might have expected. However, domestic demand grew at the slowest pace in 2.5 years, reflecting the impact of higher credit costs.
27 JanuaryThe U.S. strategic petroleum reserve (SPR) decreased by more than 40% in two years. The reserves were 371.57 million barrels on January 20, compared to 638.08 million barrels a year ago.
27 JanuaryThe European Union plans to implement a $100-per-barrel limit on Russian diesel fuel.
27 January