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Oil prices dip amid growth of US stocks

Oil&Gas Materials 15 February 2017 12:50 (UTC +04:00)

Baku, Azerbaijan, Feb.15

By Leman Zeynalova – Trend:

World oil prices are decreasing Feb.15 amid the reported growth of the US crude stockpiles over the last week.

The price of April futures for Brent crude oil has dropped by 0.52 percent to $55.68 per barrel as of 03:15 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has decreased by 0.70 percent and stood at $52.83 per barrel.

American Petroleum Institute (API) said in its report that the US crude stockpiles (excluding the strategic reserve) grew by 9.94 million barrels over the last week. This is while analysts expected this figure to increase only by 3.5 million barrels.

Moreover, the forecast of the US Energy Information Administration (EIA) about the increase of shale production in the country drags the oil prices down. EIA expects that the US shale output will increase by 80,000 barrels per day in March and reach 4.873 million barrels per day (mbd) as compared to 4.793 mbd in February.

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Follow the author on Twitter: @Lyaman_Zeyn

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