The oil market is growing in the middle of the week

Oil quotes on Wednesday continue to follow the dynamics of yesterday, when prices rose sharply from $83.75 to $85.65 per barrel. The current Brent quote is $85.95 per barrel, WTI crude oil is trading near the level of $81.80. 

The decision of the OPEC+ countries to further reduce production continues to support the oil market. Today, the quotes will be influenced by data on the dynamics of consumer prices in the United States in March, as well as the weekly report of the US Department of Energy on energy reserves in the country. 

Inflation data will be published today. Analysts expect inflation to slow in March to 5.2% year-on-year from 6% in February. Higher than expected inflation will put pressure on all risky assets. 

Also today, attention should be paid to the report of the US Department of Energy. According to data from the American Petroleum Institute (API), published on the night of Tuesday to Wednesday, oil reserves in the United States last week increased by 377 thousand barrels after falling by 4.3 million barrels a week earlier. Experts on average expected an increase in reserves by 1.3 million barrels.

According to API data, stocks at the terminal in Cushing, where oil traded on Nymex is stored, decreased by 1.4 million barrels. If this assessment is confirmed by official data from the Ministry of Energy, the reduction of reserves in Cushing will be noted for the sixth week in a row.