Brent oil price has overcome the level of $78 per barrel

On Wednesday, oil prices continue to rise, breaking the level of $78 per barrel. The current Brent quote is $78.23. The oil market was supported by the publication of the official report of the US Department of Energy on crude oil reserves in the country, as well as forest fires in Canada.

Commercial oil reserves in the United States last week decreased by 12.46 million barrels to 455.17 million barrels. Gasoline inventories decreased by 2.05 million barrels and amounted to 216.28 million barrels. Distillate reserves decreased by 561 thousand barrels to 105.67 million barrels.

Analysts expected an increase in oil reserves by 2 million barrels, a decrease in gasoline reserves by 1.6 million barrels and an increase in distillate reserves by 500 thousand barrels.

The news about the occurrence of fires in Canada, which affected the key mining region – the province of Alberta, had an additional impact on the dynamics of the market. According to official data, more than 945 thousand hectares were burned there, which will inevitably affect the volume of oil imports to this country. 

We also advise you to pay attention to the OPEC+ meeting, which will be held on June 4. Market participants expect that the alliance ministers will be able to «calibrate the market to their desires», given the traditional increase in oil demand on the eve of summer.