Oil falls in price after release of data on US stocks growth

Global oil prices fell on May 18 morning after the publication of data on commercial stocks of raw materials in the US, Report informs referring to the auction data.

The price of July futures for Brent crude fell by 0.39% to $76.66 per barrel, June futures for WTI decreased by 0.41% to $72.55.

According to the report of the US Department of Energy, commercial oil reserves in the country for the week ended May 12 increased by 5 million barrels. Analysts, by contrast, had expected a decline of 0.9 million barrels.

Now the markets are waiting for data on the number of initial jobless claims in the US, which will be published on May 18. Analysts suggest that in the week to May 13, the indicator fell by 10,000 after rising by 22,000 the previous week, to a maximum since October 2021. Statistics can influence the US Federal Reserve's decision on the discount rate.