Oil futures rose more than 3 percent, supported by on US petroleum inventories report. Higher prices also contributed to the weakening of the dollar.

US Department of Energy announced that in the week 1 April-26 March crude oil inventories fell by 4.9 million barrels to 529.9 million barrels. Analysts had expected inventories to increase by 3.5 mln. Barrels. Oil reserves in Cushing terminal rose 357,000 barrels to 66.3 million barrels. Meanwhile, gasoline stocks rose by 1.4 million barrels to 244 million barrels. Analysts had expected a decrease of 1.5 million barrels. Distillate stocks rose by 1.8 million barrels to 163 million barrels. Analysts had forecast a drop to 900,000 barrels. The utilization of refining capacity rose by 1% to 91.4%. Analysts had expected a decline of 0.1%. US domestic oil production fell to 9.008 million barrels per day, against 9.022 million. barrels the previous week. We remind investors are closely watching the mark of 9.0 million. Barrels. Recent data may mean that next week's production will fall below this level, it will be a positive factor for the market. It should be emphasized, the report from the US Department of Energy has confirmed yesterday's data from the American Petroleum Institute, which showed that during the week April 26 March-1 oil inventories fell by 4.3 mln. Barrels. Analysts had forecast an increase of stocks at 3.2 million. Barrels.

Positive impact on prices also have hopes of reaching an agreement between major oil producers to freeze production. Yesterday, the official representative of Kuwait at OPEC Nawal al-Fuzaya said that oil-producing countries following the meeting in Doha may freeze oil production at the level of February. According to her, the oil producers may agree to freeze without the participation of Iran in the negotiations. "Oil futures gained some momentum after a comment representative of Kuwait, - analysts said ANZ bank -. However, investors will be cautious in the run-up to the meeting on April 17".

In focus were also data on business activity in the sector of services in China, which surpassed expectations. As it became known, the PMI index of Caixin / Markit in March rose to 52.2 from 51.2 in February. The growth index indicates a recovery of activity outside the manufacturing sector in China. China's official non-manufacturing PMI also showed accelerated growth activity in May. The company said that new orders in March rose moderately, and that service companies cautious approach to personnel matters, despite a slight increase in activity. However, the employment indicator fell below the neutral level of 50 for the first time since August of 2013.

WTI for delivery in May rose to $37.57 a barrel. Brent for May rose to $39.63 a barrel.

Gold prices fell nearly 1 percent, returning to yesterday's low as the stock recovery has prompted some investors to lock in profits. In the course of trading is also affected by expectations of publishing minutes of the last Fed meeting.

"The precious metal fell today as investors once again turned their attention to the stock markets - said principal analyst Ava Trade Naeem Aslam -. However, the situation may change after the release of the Fed minutes of the meeting."

Recall, the Fed's minutes of the meeting will be presented today at 18:00 GMT. Market participants hope that the protocol will contain clues regarding US monetary policy outlook, as well as the reasons that forced politicians to leave rates unchanged at the March meeting. Recall, higher interest rates have a downward pressure on the price of gold, which brings its holders to interest income and that is difficult to compete with the assets, bringing that income against the background of increasing interest rates. Late last month, Fed Chairman Yellen provoked gold rally after allegations that the central bank should remain cautious on further rate increase. However, the head of the Federal Reserve Bank of Boston President Eric Rosengren and Chicago Fed Charles Evans indicated this week that the market's opinion on the prospects of raising rates too pessimistic. Futures on interest rates Fed point to 3% probability of a rate hike in April and 22% probability in June.

Some analysts point out that the price of gold near $ 1230 per troy ounce reasonable and should be stable in the short term.

In addition, it became known that the gold reserves in the largest investment fund SPDR Gold Trust yesterday fell 0.28 tons to 815.44 tons. Recall, the fund reported on this year's first weekly outflow of inventories last week.

April futures price of gold on COMEX fell today to $ 1221.9 an ounce.

The World Bank's Lead Economist for the Russian Federation in the Europe and Central Asia Region, Birgit Hansl, said on Wednesday that the World Bank did not see a significant rise in oil prices even if a deal on the freeze of the oil output would be reached at the meeting in Doha on April 17.

Iran's Oil Minister Bijan Zanganeh said on Wednesday that the country's oil production would reach 4 million barrels a day by March 2017. He added that Iran planned to export 2.25 million barrels a day of this output.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories declined by 4.9 million barrels to 529.9 million in the week to April 01.

Analysts had expected U.S. crude oil inventories to rise by 3.5 million barrels.

Gasoline inventories increased by 1.4 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, increased by 357,000 barrels.

U.S. crude oil imports fell by 446,000 barrels per day.

Refineries in the U.S. were running at 91.4% of capacity, up from 90.4% the previous week.

The People's Bank of China (PBoC) on Wednesday injected 30 billion yuan ($5 billion) in the financial system by offering seven-day reverse repurchase agreements, increasing efforts to combat capital flight from the country's economy.

Reuters reported on Wednesday that according to Russian sources familiar with the matter, Russia believes that an oil price at $45-$50 per barrel would allow to balance the oil market. Russia's Energy Ministry confirmed this information.

Sources also said that 17 countries could participate in the meeting in Doha on April 17. OPEC and non-OPEC countries plan to discuss the freeze of the oil output. Iran said last month that it was not ready to freeze its oil production until output of 4.0 million barrels a day was reached.

(raw materials / closing price /% change)

Oil 36.56 +1.87%

Gold 1,232.90 +0.27%