At the London market, the price of barrels was almost unchanged compared to the previous closure and amounted to $ 64.15. Significant changes did not occur in the US market where the barrel traded for $ 61.11.
The US government’s official report showed on Wednesday that crude oil stocks rose 2.4 million barrels last week, less than expected due to the end of the winter season and reduced processing in refineries for maintenance work.
The markets were, however, under the pressure of fears that the United States would trigger a trade war by announcing the tariffs on imports of steel and aluminum.
“We notice that the oil market is fragile despite the excellent state of the global economy,” said Norbert Ruecker from Bank Julius Baer.
“In the medium term, the story of equalization of supply and demand in the market challenges the strong (US) production of shale oil,” Ruecker notes.
Leading producers led by the Organization of Oil-Exporting Countries (OPEC) and Russia have agreed on a supply limit of 1.8 million barrels a day from the beginning of the last year to lower the global stock level to a five-year average and thereby support the prices.
Their efforts undermine US shrinkage production, which reached 10.37 million barrels a day last week and is expected to exceed 11 million barrels a day by the end of the year, making the US Russia overwhelmed by the leading global producer and paralyzing the OPEC share in the world market.
Separated, OPEC reported that the price of its barrel basket of oil Wednesday was $ 62.68, which means it was 56 cents lower than the day before trading