Oil rises on signals of destocking in the US

The price of oil has been rising for the third week in a row amid easing concerns about the crisis in the banking sector, as well as after the release of data on the reduction of fuel reserves in the United States.

The current value of May Brent futures is $78.83 per barrel. The price of WTI oil futures for May is $74.14 per barrel.

Market participants continue to assess what effect the collapse of Silicon Valley Bank and the merger of Credit Suisse and UBS will have on the market. The possibility of a positive effect is not excluded, since the banking crisis may force the central banks of the world to slow down the pace of rate hikes.

In addition to the situation in the world, the report from the American Petroleum Institute (API), published on Tuesday night, also had an impact on oil quotes. Statistics indicated a reduction in oil reserves in the United States for the week by 6.08 million barrels. Gasoline stocks fell by 5.89 million barrels, distillates – increased by 548 thousand barrels.

The official report on energy reserves in the States will be released on Wednesday. Analysts expect an increase in oil reserves by about 100 thousand barrels.

The rise in oil prices was also promoted by the decision of the arbitration court of the International Chamber of Commerce on a lawsuit against Turkey, in which oil exports from Kurdistan were disputed. As a result, oil exports from northern Iraq were suspended on March 25. It is noted that the volume of transportation through Turkey was about 400 thousand barrels of oil per day.