U.S. crude oil stocks increased further

Oli prices are almost stable today. Brent was trading at $46, and WTI was at $43 per barrel. U.S. crude oil stocks increased by around 1 million barrels last week, but less than expected, says US Department of Energy. In contrast, at Cushing, crude oil stocks rose by 1.7 million barrels. The crude oil production fell marginally, but still it remains high.

"The sharp fall in drilling activity - the oil rig count fell this week for the twelfth time in the last 13 weeks, according to Baker Hughes, and is now at its lowest level in nearly 5½ years - has therefore not yet led to any more pronounced drop in US crude oil production", notes Commerzbank.