Oil prices are rising by more than 6 million barrels after stocks of raw material have fallen

The West Texas Intermediate oil bar in deliveries to X at the NYMEX fuel exchange in New York City is valued at $43.14, higher by 0.89%.

Oil Brent in deliveries to XI on the ICE Futures Europe fuel exchange in London is valued at US$45.98 per barrel, higher by 0.83%.

On Tuesday, an independent calculation of fuel stocks in the US was provided by the American Paliw Institute (API).

According to the API report, oil stocks dropped by 6.36 million barrels last week. Meanwhile, gas stocks decreased by 5.76 million barrels.

Analysts estimated that in the last week the stock of raw material behind the Ocean fell by 2 million barrels. It was also forecasted to decrease petrol stocks by 3.55 million barrels.

On Wednesday, official fuel stocks in the US will be presented by the Department of Energy (DoE) after 4.30 p.m.

Technical indicators signal a bullish attitude in the fuel market, with a 50-day rolling average for WTI oil rising above the 200-day index for the first time in over 6 months, creating the so-called "gold cross".

Stephen Innes, the main market strategist in AxiCorp, however, estimates that at this point there are not too many factors that would pull WTI oil prices in N.Jork to over $45 per barrel.

"There is still a large degree of uncertainty in markets related to coronavirus pandemic," Innes points out.

At the end of the previous session, WTI at Nymex gained 0.4% and Brent at ICE increased by 0.7%.

Source: PAP