Oil is moderately rising after the collapse the day before

Oil prices on Thursday morning show some recovery after yesterday's collapse. The current Brent oil quote is $97 per barrel (yesterday's low was marked at $96.12). WTI oil is trading near $91 per barrel after falling to $90.16. 

Yesterday, pressure on the oil market was exerted by data on an increase in fuel reserves in the United States. According to the report of the Ministry of Energy of the country, oil reserves in the States jumped by 4.47 million barrels last week. At the same time, gasoline inventories increased by 163 thousand barrels, and distillate reserves decreased by 2.4 million barrels.

Analysts predicted a decrease in oil reserves by 1.5 million barrels, gasoline reserves by 1.5 million barrels and an increase in distillate reserves by 1 million barrels.

Experts note that an increase in sea imports and a decrease in the activity of refineries to a minimum since the beginning of May has led to a significant increase in oil reserves, which has become a negative factor, leveling the positive effect of the results of the OPEC+ meeting.

Recall that yesterday OPEC+ decided to slightly increase the quota for oil production in September – only by 100 thousand barrels per day. The members of the alliance explained their decision by the lack of capacity in both production and processing.