Oil rises in price on inventory data
Oil prices are rising this morning, with Brent up 1.08% to $57.20 and WTI up 0.98% to $53.73 as of 9:35 a.m. The positive dynamics was supported by the report on oil reserves in the United States, published by API. According to the institute, the previous week reserves decreased by 5.82 million barrels. The US Department of Energy will publish its report later today - analysts expect the data to show a decline of 2.26m barrels. Oil has been steadily gaining in value since the beginning of the year, aided by the falling US dollar. However, experts warn that despite the steady dynamics there are still risks for investors in the market. In particular, it is a possibility of the oil producers to increase the production under the influence of low reserves and growing prices. According to Stephen Inness, the biggest risk now is how the U.S. shale producers will behave, reports Reuters.