Oil continues to grow after the release of statistics from the Ministry of Energy

The price of oil on Thursday continues to grow moderately after rising following the results of previous trading. The market was supported by data from the American Petroleum Institute (API) and the US Department of Energy on crude oil reserves in the country. 

Commercial oil reserves in the United States for the week to February 24 increased more than expected – by 1,165 million barrels with a forecast growth of only 0.5 million. Stocks at the terminal in Cushing, where oil traded on NYMEX is stored, increased last week by 300 thousand barrels. At the same time, distillate stocks unexpectedly increased (by 179 thousand barrels), and gasoline stocks unexpectedly fell (by 874 thousand barrels). Production remained at the level of the previous three weeks at 12.3 million barrels per day.

Investors are also assessing the prospects for demand after statistics from China. On Wednesday, strong industrial statistics from China were published, which supported expectations for oil demand. In particular, the Purchasing managers' Index (PMI) in the country's processing industry rose to 52.6 points in February from 50.1 a month earlier.

However, in addition to support factors, risks remain on the oil market, one of which is the policy of the US Federal Reserve System on the rate. Markets expect the regulator to raise the rate again in March, as inflation remains high, which increases the risks of recession.

The current price of Brent oil is $84.42 per barrel. North American WTI oil is trading near the level of $77.75 per barrel.