For the past week Brent oil crude traded in the range of 45.04 to 48.15 US dollars per barrel. The maximum price change went over 6%. The oil price has risen to its maximum in two weeks time, oil prices have risen after the release of the Energy Information Administration, which states that by the June 23rd, US oil production fell by 100 thousand barrels per day.
Since July 2016 this was the largest decline in the past week. The President Donald Trump, speaking at a meeting organized by the US Department of Energy, promised to announce the launch of a “golden era” in the US energy industry. One of the program`s point is the development of new oil and gas fields on the American shelf, where the works were frozen under the Barack Obama administration. In addition, according to experts, the oil export from Libya in June rose to a maximum, at least for the last three years.
From the beginning of June to the day 28th, 30 oil tankers left the Libyan ports. In total, oil export reached approximately 715 thousand barrels per day, compared to 625 thousand barrels per day back in May. Last week the total US reserves of crude oil remained at the value of 509.2 million barrels, which in the Energy Information Administration (EIA) is considered above the average range at this time of year. The report also showed that gasoline stocks in the US fell by 894 thousand barrels against the expected decline of 583 thousand barrels.
According to the EIA report, the stocks of distillates fell by 223 thousand barrels. According to Baker Hughes data released on Friday, the number of drilling rigs fell by two and became 756. This is just the second reduction in the number of drilling rigs for a week in the USA this year. Before that, the number of rigs had been increasing for 23 consecutive weeks.