The price of oil fell slightly ahead of the data on stocks in the United States
On Wednesday, oil prices declined slightly. Investors are waiting for the latest reports on commercial oil reserves in the US to assess the level of demand of the largest consumer in the world and to predict the growth rate of production in this country.
The energy information administration (EIA) will issue an official weekly report on U.S. crude oil inventories for the week, which ended June 8 at 17:30 GMT Wednesday. It is predicted that oil reserves will decrease by 1.4 million barrels.
Analysts also predict that gasoline reserves in the US will grow by 443 thousand barrels, and distillate reserves — by 200 thousand barrels.
The data will also provide information on how fast production in the US is growing. Last week, oil production in the US, the main part of which is shale oil, reached 10.8 million barrels per day, which was a new historical maximum.
After markets closed Tuesday, the American petroleum Institute (API) reported that crude oil inventories in the US increased by 833 thousand barrels last week.