Oil is getting cheaper, with increased reserves in the U.S.

Petroleum becomes cheaper on Friday on data from a larger-than-expected increase in fuel stocks in the U.S. last week, reported Bloomberg. Commercial U.S. crude stocks rose last week by 6.1 million barrels (1.87 percent). - To 332.663 million barrels, while analysts expected increase only 1.4 million barrels. Stocks of gasoline rose by 6.47 million barrels (3.03 percent)., Distillate inventories - by 790 thousand barrels (0,55 percent).. Capacity utilization of refineries last week amounted to 83.3 percent .. This suggests that deepening recession in the global economy is reducing demand, experts say. "The market is still absorbing picture of weak demand, derived from data on stocks - said a senior broker Bache Commodities Ltd. Christopher Bellew. - Even with the cuts in oil refineries, product inventories are very high compared to the average level for five years." "The fact that reserves are growing, says the weak demand, - said a senior strategist for the Commodities Markets Australia and New Zealand Banking Group Ltd. In Melbourne, Mark Pervan. - Refiners simply do not work. At this time, the capacity utilization should be of the order of 94 -95 per cent.. " Price of the March futures contract for WTI crude oil in the electronic system of the New York Mercantile Exchange (NYMEX) at 15:00 MSK was 42.58 dollars per barrel, 1.09 dollars lower than the final quotations of the previous day. Since the beginning of this year oil prices fell by 3.8 percent. Over the last year - by 51 percent. The cost of Brent crude oil futures for March on the London exchange ICE Futures Jan. 22 fell to 0.55 dollars (1.21 percent). - Up to $ 44.84 a barrel.