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Oil prices recovered after the yesterday's decline

Oil prices recovered after the yesterday's decline

During today's trading, oil prices rebounded after the Wednesday's falling. The Brent oil futures were traded within $50,98 per barrel, rising by 0.67%. And the WTI contracts price has reached by $48,4 per barrel, increasing by 0,75% in comparison with yesterday. The rising of the black gold prices is impeded due to the continued oil reserves increase in the United States. Last week the U.S. oil reserves increased by 5 million barrels, that on 2.2 million more than analysts had forecast. Stability in the oil market is also undermined due to the fact that not all OPEC countries adhere to the terms of the production decline pact. The Asian oil market remains oversupplied. In February, exports of gasoline from China have reached record highs, increased by 76.6% compared to the same period last year. All this is supporting the bearish trend in the oil market.