In the U.S. oil gains before data on its stocks

West Texas Intermediate oil barrel in deliveries for April at the NYMEX fuel exchange in New York City is valued at $65.21, higher by 0.63%.

Oil Brent in supplies for May on the ICE Futures Europe fuel exchange in London costs US$68.74 per barrel, higher by 0.51%.

On Wednesday, an official report on U.S. oil stocks will be published in the following week – it will be presented by the Department of Energy (DoE) after 16.30.

However, the data of the Independent American Paliw Institute (API) have already shown that oil stocks in the US have fallen by 1.05 million barrels in the past week, while petrol stocks have decreased by 926,000 barrels.

Oil stocks in Cushing, the storage center of raw materials, have also fallen," the API indicated.

On Wednesday, investors will closely follow Fed's communications on monetary policy and the condition of the American economy and reports on Thursday's meeting of officials from the US and China in Alaska.

These will be the first face-to-face talks of high-ranking representatives of the US President's administration Joe Biden with Chinese government envoys on strained relations between the two countries.

In the previous 3 sessions of WTI oil on Nymex decreased by a total of 1.9%, but since the beginning of this year, the raw material in the US has gained almost 34% in response to the cuts in oil production by OPEC+ countries, which reduces supply and improves demand forecasts as vaccines are introduced on Covid-19.

Strong oil consumption has already revived in some regions, including the United States and China, although some parts of Europe still have difficulties, as analysts indicate.

Source: PAP