Oil prices fell nearly 3 percent after weekly government data pointed to a marked increase in stocks of crude oil and distillates in the United States.

US Department of Energy reported that in the week from August 19 to 26 commercial oil stocks rose 2.28 million barrels to 525.87 million. Analysts had expected a growth of only 1.31 million barrels. Oil reserves in Cushing terminal fell by 1 million barrels to 63.9 million barrels. Gasoline inventories fell last week by 691 thousand. barrels to 232.004 million barrels. Experts predicted a decline of 1 million barrels. Meanwhile, distillate stocks rose by 1.496 million barrels to 154.753 million barrels. Analysts expected an increase of 300,000 barrels. The utilization of refining capacity increased by 0.3% to 92.8%. Analysts had expected a decline of 0.4%. US domestic oil production dropped to 8.488 million. barrels per day versus 8.548 million. barrels per day from the previous week

Yesterday the American Petroleum Institute (API) reported that US crude stocks in the previous week rose to 0.942 million barrels, which is generally in line with expectations. The report also pointed to a decline in gasoline stocks of 1.65 million barrels and distillate stocks reduction, including diesel fuel, 800 thousand barrels.

The cost of the October futures for WTI fell to 45.01 dollars per barrel.

October futures price for North Sea petroleum mix of mark Brent fell to 47.24 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Gold price dropped to a 2-month low, move caused by data on the US labor market, which reinforce the arguments in favor of Fed rate hike this year.

The report from Automatic Data Processing (ADP) showed that employment growth in the private sector of the US slowed in August, but were slightly above forecasts of experts. According to the data, the number of employees increased by 177 thousand in comparison with the revised figure for July (194 thousand). Analysts had expected that the number of people employed will increase by 175 thousand.

Market participants are using this data as a benchmark for NFP. Overall, the data from ADP suggest that Friday report could also be strong. According to forecasts, the number of people employed in non-agricultural sectors increased by 180 thousand after increasing by 255 thousand. In July. The unemployment rate is likely to decline to 4.8% from 4.9%. Meanwhile, the growth rate of the average hourly earnings is estimated to have slowed to 0.2% from 0.3%. If expectations are met further increases the likelihood of the Fed raising interest rates this year.

A strong US dollar, as a rule, is putting pressure on gold, as it reduces the metal's appeal as an safe asset.

In addition, it was reported that in August, the world's largest gold exchange-traded fund SPDR Gold reserves fell by 2.7 tons to 8 tons after the inflow in July.

The cost of the October futures for gold on the COMEX fell to $ 1307.7 per ounce.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.3 million barrels from the previous week. At 525.9 million barrels, U.S. crude oil inventories are at historically high levels for this time of year.

Total motor gasoline inventories decreased by 0.7 million barrels last week, but are well above the upper limit of the average range. Finished gasoline inventories remained unchanged while blending components inventories decreased last week.

Distillate fuel inventories increased by 1.5 million barrels last week and are near the upper limit of the average range for this time of year. Propane/propylene inventories rose 2.4 million barrels last week and are above the upper limit of the average range. Total commercial petroleum inventories increased by 4.5 million barrels last week.

This morning in New York futures for WTI were down -0.41% to $ 46.16 and Brent oil futures were down -0.57% to $ 48.45 per barrel. Thus, the black gold has fallen in value against the initial dollar strengthen, which continues to be held near three-weeks high. At the same time, published statistics indicated a growth in US oil stocks. The American Petroleum Institute said yesterday that the black gold reserves rose by 942 thousand barrels to 525.2 million for the week ending 26 August.

(raw materials / closing price /% change)

Oil 46.26 -0.19%

Gold 1,313.80 -0.21%