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The oil to the highest in two months after the decline of the us reserves of crude

The price of oil ended at the highest since mid-march on Wednesday, after the decline for the second consecutive week of crude inventories in the United States, a surprise welcomed by the market.

read also : crude Oil: barrels of peril

a barrel of Brent North sea for delivery in July finished at 35,75 dollars in London, an increase of 3.2%, or 1.10 dollars per report at the close of Tuesday. In New York, the barrel american WTI for July, which was the first day of use as a standard contract, has climbed by 4.8% or 1,53 dollar, at 33,49 dollars. The reserves of crude oil in the United States were established in 526,5 million barrels on may 15, a drop of $ 5.0 million, according to a weekly report of the u.s. Agency information on Energy (EIA) released Wednesday. The decrease "brings a positive note" the session", commented Chris Beauchamp, of IG. Experts surveyed by Bloomberg had forecast an increase, with a median of 2.15 million barrels.

At the terminal Cushing (Oklahoma, south), the inventories, which are used as reference to the quotation of the WTI, fell 5.5 MB at 56.9 MB. The production has continued to decline, reaching 11.5 million barrels per day (mbd), its lowest level since October 2018. In mid-march, it had reached its historical high at 13.1 mbd.

"path flattening"

The unexpected increase in gasoline inventories as well as the increase in stocks of distilled products (fuel oil and heating gas oil) have, however, limited the impact of the declining reserves of crude oil price. If the energy demand is increasing compared to the previous week, "we are on a path flattening", note the analysts of TD Securities.

in addition, investors have welcomed the smooth transition of the contract (WTI) from June to July, unlike the previous one which had shown a fall uncontrolled prices, which had sunk below zero dollars. Since, "it is clear that the feeling has changed a lot over the last months on the market," noted Warren Patterson and Wenyu Yao, analysts ING.

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