Oil prices jumped more than 3%, returning to recent highs, helped by data on stocks of petroleum products in the United States, which convinced the market that the demand for gasoline is gradually improving. Oil also got support from speculation that the top oil producers may agree to freeze production in the near future.

US Department of Energy reported that in the week of February 27 - March 4 oil stocks rose 3.88 million barrels to 521.9 million barrels, a record high for this time of year. Analysts had expected an increase of 3.5 mln. Barrels. Oil reserves in Cushing terminal rose 690,000 barrels to a record 66.9 million barrels. Meanwhile, gasoline stocks fell by 4.5 million barrels to 250.5 million barrels. Analysts had expected stocks to fall 1.5 million barrels. Distillate stocks fell by 1.1 million barrels to 162.5 million barrels. Analysts had forecast a drop to 500,000 barrels. The utilization of refining capacity increased by 0.8% to 89.1%. Analysts have suggested that the rate will fall to 0.3%. US oil production in the week 27 February-4 was 9.078 million. Barrels per day versus 9.077 million. Barrels the previous week. Oil imports in the US fell by 0.244 million. barrels per day to 8.048 million. barrels per day.

Yesterday a report on petroleum products provided the American Petroleum Institute. The data showed that for the week ending March 4, US crude stocks rose 4.4 million barrels. Oil reserves in Cushing terminal rose 692,000 barrels. Gasoline stocks rose by 2.124 million barrels, while distillate stocks to 0.128 million barrels.

In the course of trading is also affected by news that the US Energy Information Administration (EIA) lowered forecasts for US growth of world oil consumption and production this year. In its monthly report, EIA has lowered the forecast for consumption growth in the world in 2016 to 90 000 barrels per day to 1.15 million, and the forecast for 2017 - by 250,000 barrels per day to 1.21 million. Management reduced the growth forecast for oil demand in the US this year, up to 80,000 barrels per day to 110,000 barrels, which it predicted in February. The forecast has been lowered to 160 000 barrels per day in 2017 to 260 000. the EIA doubled the forecast for the US decline in oil production in 2017 - up to 480,000 barrels per day in February with a projected 230 000. According to the new forecast, production will drop to 8 19 million barrels per day.

WTI for delivery in April fell to $37.95 a barrel. Brent for April fell to $41.00 a barrel.

Gold has fallen in price today, retreating from a 13-month high. The pressure on the precious metal has a positive dynamics of world stock indices, as well as expectations of further easing of monetary policy of the European Central Bank.

Analysts expect that the ECB will lower its deposit rate by at least 0.1 percentage points to expand the amount of asset purchases. "If the ECB will meet market expectations, the euro must be weakened and the dollar strengthened, which will negatively affect the value of the precious metal, - said an analyst at Societe Generale Robin Bhar -. I suspect that gold will continue to be traded in the range of $ 1,240- $ 1,280 on the eve of the ECB meeting after this. attention shifts to the Fed meeting, which begins on Tuesday and ends on Wednesday. " The Fed probably will not change the level of short-term interest rates at the March meeting, but did not exclude the possibility of increasing in April and June. Recall, gold, usually is at a pressure in the growth of US rates.

Meanwhile, it became known that the newly fixed exchange-traded funds outflow after a significant increase in the beginning of the year. Gold reserves in the largest investment fund SPDR Gold Trust fell 2.4 tonnes on Tuesday, recording the biggest outflow in almost four weeks.

Carsten Fritsch Commerzbank expert noted that the price of gold had been weighed down by a combination of rising stock markets and bond yields. "This seems to have caused some profit-taking. The influx of gold ETF funds also slowed in recent years, so it is very important to look for further changes in the demand for gold." Since the beginning of this year, gold prices rose 18%, which greatly contributed to volatility in financial markets and geopolitical concerns. Gold is seen as an asset of refuge, and the price for it usually grows in periods of instability.

April futures price of gold on COMEX today rose to $ 1256.60 per ounce.

Reuters reported on Wednesday that an Iraqi oil official said the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries will meet in Moscow on March to discuss the freeze of oil output.

Russia's energy ministry said that no date or place was set for the meeting.

The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories rose by 3.88 million barrels to 521.9 million in the week to March 04.

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

Gasoline inventories decreased by 4.5 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 690,000 barrels.

U.S. crude oil imports decreased by 244,000 barrels per day.

Refineries in the U.S. were running at 89.1% of capacity, up from 88.3% the previous week.

The U.S. Energy Information Administration (EIA) downgraded its oil output and price forecasts on Tuesday. The agency expects average US crude production to be 8.67 million barrels per day (bpd) in 2016, down from a previous estimate of 8.69 million bpd, and 8.19 million bpd in 2017, down from a previous estimate of 8.46 million bpd.

WTI oil prices is expected to be $34.04 a barrel in 2016, down from a previous estimate of $37.59, and $40.09 a barrel in 2017, down from a previous forecast of $50.

The first deputy managing director of the International Monetary Fund (IMF), David Lipton, said on Tuesday that the downside risks to the global economic growth increased since January. But he added that the global economic recovery continued.

Lipton pointed out that a combination of monetary and fiscal policy and structural reforms, and collective action was needed to boost the global economy.

(raw materials / closing price /% change)

Oil 36.33 -0.47%

Gold 1,262.00 -0.07%