Oil is stable above the level of $79.50 in anticipation of inventory data in the US

On Wednesday, oil quotes remained above the level of $79.50 per barrel after a steady increase in the previous session. The current Brent quote is $79.83 per barrel, North American WTI oil is trading near $75.73.

Today, traders are waiting for data on energy stocks in the United States from the Department of Energy. The forecast assumes a reduction in oil reserves by 1.8 million barrels, gasoline reserves – by 1.1 million barrels. At the same time, distillate reserves may grow by 200 thousand barrels.

Yesterday's statistics from the American Petroleum Institute (API) showed a decrease in oil reserves in the country by 797 thousand barrels for the week ended July 14. Experts expected a decrease in inventories by 2.25 million barrels after the previous increase of more than 3 million barrels last week.

Stocks at the terminal in Cushing (Oklahoma), where Nymex-traded oil is stored, decreased by 3 million barrels last week. If these data are confirmed by official statistics, this will be the most significant decline since October 2021.