Crude prices fall below $65.21 per barrel

Oil reserves in the United States rose for the first time since April, said on Tuesday the American Petroleum Institute (API), representing the country's oil industry. Analysts had expected stocks to decline 2.1 million barrels. Oil imports by China, the second largest consumer oworldwide, fell 2.8% in June compared with the previous month, Bloomberg reported.

“Oil reserves must decline, because now it a period of leave, when the United States usually indicates the peak demand for fuel,” said manager of Astmax Ltd. Tokyo Tetsu Emory. “But instead, they grow up. This means that the demand was below the projected level.”

Price of futures contract for WTI crude oil with delivery in September fell to $0.40 (-0.61%) and amounted to $65.21 per barrel at the electronic auctions on the New York Mercantile Exchange (NYMEX) on Wednesday morning. The August contract ceased to be traded the previous day.

The cost of oil in the week from 14 to 21 July rose by 8.7%, as investors, expecting a recovery in demand for fuel, buy futures contracts.

 /Vzqlyad/