The price of oil shoots up

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www.vsyako.netPhoto: Reuters

On the background of positive data on oil reserves in us stores the price of oil on Wednesday, April 29, jerked upward, showing growth in the range of 10-25 percent, according to data the London exchange ICE.

As at 16:52 Moscow time the price of a barrel of Brent for June delivery reached 22.56 dollar (plus 10.6 percent from the start of trading), and the barrel of WTI 15.4 dollar (plus 24.7 percent).

Trading participants expect the U.S. energy Department will later announce the increase of oil reserves in the country at 10.6 million barrels for the week. Last time the growth amounted to 15 million barrels.

Also the increase in prices is due to the fact that the world’s largest funds have sold all of the June contracts for the supply of raw materials, so the oversupply of this paper on the market is no more. However, in the future, this situation means that funds analysts expect a collapse of the June futures are in the area around zero, as occurred with the may contracts.

Earlier it became known that the sellers of oil began to be used to store not only a very large oil tankers (very large crude carriers, VLCC), which are almost all chartered, but also smaller vessels.

Video, photo All from Russia.

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