Crude oil futures were trading down nearly 1 percent but after the release of the US petroleum inventory report sharply turned, and moved into positive territory.

In the week of August 6-12 crude oil inventories fell by 2.5 million barrels to 521.1 million barrels. Analysts predicted that inventories will rise by 500,000 barrels. Oil reserves in Cushing terminal fell 724,000 barrels to 64.5 million barrels. Gasoline inventories fell by 2.7 million barrels to 232.7 million barrels. Distillate stocks rose unexpectedly by 1.9 million barrels to 153.1 million barrels. Analysts had forecast a drop to 400,000 barrels. The utilization of refining capacity increased by 1.3% to 93.5% vs a decline of 0.4% expected. Meanwhile, oil production in the US rose to 8.597 million barrels per day versus 8.445 million barrels per day in the previous week. Yesterday the American Petroleum Institute reported that crude oil inventories for the week fell by 1 million barrels, while gasoline inventories rose by 2.2 million barrels.

A slight effect on the course of trading had an overview of BMI Research. "China will increase imports of crude oil in the next two quarters after its contraction in the current quarter in the conditions of surplus stocks of raw materials, as well as seasonal maintenance work at refineries. China's imports will rise in the fourth quarter 2016 and first quarter of 2017." Also, experts noted that the reduction in investments in production by state oil companies of China, the depletion of conventional oil reserves, as well as the focus on the development of the gas industry, limit the production of oil in China. According to the National Statistics Administration of China, oil production in the country in July fell by 8.1% - to 16.7 million tons, or 3.95 million b / d, which is the lowest since October 2011.

The cost of the October futures for US light crude oil WTI rose to 47.02 dollars per barrel.

October futures price for North Sea petroleum mix of Brent crude rose to 49.28 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Quotes of gold fell slightly on the recent statements by the Fed. Additionally, investors await the publication of FOMC meeting minutes which could shed light on the Central Bank plans for the timing of interest rate increases.

Fed's Dudley said the Fed admits raising rates as early September. "We are approaching the moment when it is appropriate to re-raise the rate. Employment in the last 3 months is growing at an average rate of 190 thousand per month, and economic growth should accelerate in the 2nd half of the year. There are signals of accelerate wage growth. overall, the US economy is in good condition. "

Atlanta Fed President Lockhart said he's optimistic about the economic outlook, and therefore feel justified in raising rates. He added that the weak data on US GDP for the 2nd quarter should be viewed in the context of other factors. "Most of the fundamental factors right now havea positive effect on consumer spending. I remain confident in the prospects for the economy in the 2nd half of 2016 and 2017." - Said Lockhart.

According to the futures market, the probability of a Fed hike is 18% in September. Meanwhile, the probability of a rate hike in December is estimated at 45.5% versus 45.1% yesterday.

"The recent fluctuations in gold are associated with speculation about when the Fed will raise interest rates - said Simon Gambarini, an analyst at Capital Economics -. We have to wait for the publication of the Fed's meeting minutes in order to have a better idea of ​​when the officials start to raise rates" .

The gold reserves in the largest ETF SPDR Gold Trust rose on Tuesday by 0.19 percent, reaching the level of 962.23 tons.

Since the beginning of the year gold has risen in price by about 27%, helped by concerns about global economic growth and expectations of monetary stimulus.

The cost of the October futures on COMEX fell to $ 1347.00 per ounce.

U.S. crude oil refinery inputs averaged about 16.9 million barrels per day during the week ending August 12, 2016, 268,000 barrels per day more than the previous week's average. Refineries operated at 93.5% of their operable capacity last week. Gasoline production increased last week, averaging 10.3 million barrels per day. Distillate fuel production increased last week, averaging over 4.9 million barrels per day.

U.S. crude oil imports averaged 8.2 million barrels per day last week, down by 211,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.4 million barrels per day, 11.3% above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 610,000 barrels per day. Distillate fuel imports averaged 92,000 barrels per day last week.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 2.5 million barrels from the previous week. At 521.1 million barrels, U.S. crude oil inventories are at historically high levels for this time of year. Total motor gasoline inventories decreased by 2.7 million barrels last week, but are well above the upper limit of the average range. Finished gasoline inventories increased while blending components inventories decreased last week. Distillate fuel inventories increased by 1.9 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories rose 1.8 million barrels last week and are at the upper limit of the average range. Total commercial petroleum inventories increased by 1.3 million barrels last week.

China will increase imports of crude oil in the next two quarters after its contraction in the current quarter in the conditions of surplus stocks of raw materials, as well as seasonal maintenance work at refineries, BMI Research said.

China's imports of crude oil will rise in the fourth quarter 2016 and first quarter of 2017, according to the review.

Reduced investment in production by state oil companies, the depletion of conventional oil reserves, as well as the focus on the development of the gas industry, limit the production of oil in China.

According to the National Statistics Administration, oil production in the country in July fell by 8.1% - to 16.7 million tons, or 3.95 million b / d, which is the lowest since October 2011.

According to their estimates, in 2016 China's oil imports will be about 7.4 million barrels per day. By 2020, the volume of imports may rise to 8.6 million b / d.

This morning, New York crude oil futures for WTI fell by -0.62% to $ 46.27 and Brent oil futures were down -0.93% to $ 48.77 per barrel. Thus, the black gold is traded lower on the background of doubts in possible negotiations between producing countries on the production limits to stabilize the market. Doubts that the world's largest oil producers may agree to freeze production in the near future intensified after Iran made it clear that it is not interested in such an agreement. In addition, the Iranian Ministry said that the Iranian authorities have not yet decided whether or not the country will participate in the September meeting of OPEC. At the same time, analysts note that the participation of Iran in the frozen oil is an essential condition of the agreement put forward by Saudi Arabia earlier.

(raw materials / closing price /% change)

Oil 46.49 -0.19%

Gold 1,351.50 -0.40%