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What’s next? – OIL 02.05.18

May 2 2018, 05:41 PM (+06) | Fortfs.com

Oil futures were higher in Wednesday trade, recovering from previous session's losses as market players prepared for fresh weekly data on US crude inventories scheduled later today.

 

The US West Texas Intermediate crude contracts rose 0.59 percent to $67.65 per barrel as of 10:30 GMT. Meanwhile, Brent futures were 0.26 percent lower at $73.32 a barrel.

 

The Energy Information Administration is expected to release its weekly report on oil stockpiles for the week ended April 27 as of 14:30 GMT, with a 739,000 barrels increase seen.

 

Analysts are also expecting a drop of 587,000 barrels for gasoline supplies and a 1.3 million barrels draw when it comes to distillate inventories.

 

In the prior session, the American Petroleum Institute said crude inventories in the United States rose 3.4 million barrels last week.

 

API’s report also showed a 1.6 million barrels growth in gasoline supplies, while inventories of distillates eased by 4.1 million barrels.

 

Oil traders continued to monitor geopolitical developments. President Donald Trump has until May 12 to decide whether to pull out of the 2015 nuclear deal with Iran.

 

If Iran - a major oil producer of the Organization of the Petroleum Exporting Countries - would again be affected by sanctions, oil prices are likely to pick up.

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