Oil grew to a maximum of 3 years

Oil quotes on Friday again updated a multi-year high, rising to $85.02 per barrel for the first time since October 2018. The current Brent quote is $84.80 per barrel.

Even yesterday's report from the US Department of Energy did not prevent the price increase, according to which the country's reserves of raw materials unexpectedly increased by 6.09 million barrels to 426.98 million. Analysts expected less increase – only 900 thousand barrels. Gasoline commodity reserves decreased by 1.96 million barrels (analysts expected an increase of 600 thousand barrels) and amounted to 223.11 million barrels. Commercial distillate stocks decreased by 24 thousand barrels (analysts forecast a decrease of 1.1 million barrels), to 129.31 million barrels.

Over the past month, prices for «black gold» have increased by almost 13%. The market is supported by signs that supply will be limited over the next few months, while rising gas and coal prices have led to a massive shift to petroleum products. Additional support for the market was provided by the information that Saudi Arabia rejected calls for additional OPEC+ supplies.

American WTI crude oil is also showing growth. The current price of a barrel of this grade of oil is $82.05 on Friday.