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The week began with a change in dynamics from negative to positive, oil quotes on Monday increased by more than 1%.

The price of July futures for North Sea Brent crude oil mixture grows by 1.12%, to 67.51 dollars per barrel, the cost of June futures on WTI rises by 1.34%, to 64.43 dollars per barrel. Oil prices were supported by the weakening of the dollar against other major world currencies, in particular against the euro. And the dollar index (the dollar's exchange rate against a basket of currencies of six countries - the main trading partners of the United States) is decreasing by 0.35%, to 90.96 points. However, investors have taken a close look at the sharp rise in coronavirus cases in India, one of the world's largest oil importers. India is in second place in the number of cases after the United States - 19.9 million versus 32 million in the United States.

The growth eased slightly on Tuesday, although the expectations for easing the quarantine in Europe continue to positively influence outlook for demand, but uncertainty around the pandemic remains. The European Commission's recommendations on easing travel restrictions from third countries need to be agreed upon by the end of May, so that they can come into force as early as June. In addition, Prime Minister Boris Johnson announced that the UK from June 21 may abandon the social distancing rule in connection with the coronavirus. The dollar rate showed some strengthening, which acted as a certain limiting factor for oil quotes. The dollar index grew by 0.34%.

The data on US commercial oil reserves (excluding strategic reserve) for the week ending on April 30 came out on Wednesday. According to the statistics, stocks fell by 1.6%, or 8 million barrels, and reached 485.1 million barrels, according to the weekly review of the energy information department of the country's energy ministry. The ministry also said that the strategic oil reserve in the country fell by 1 million barrels, or 0.2%, to 633.4 million barrels, the ministry also said. At the same time, oil reserves at the country's largest terminal in Cushing for the reporting week rose to 46.3 million from 46.1 million barrels. Gasoline inventories in the United States for the week increased by 0.7 million barrels (0.3%), to 235.8 million barrels. Analysts predicted a decline of 0.7 million barrels. Distillate stocks fell 2.9 million barrels, or 2.1%, to 136.2 million. A decline of 1.1 million barrels was projected. Oil production in the United States for the week ended April 30 did not change against the level of the previous week and amounted to 10.9 million barrels

On Thursday the price of Brent oil at the May 6 trading did not manage to overcome the mark of $ 70 per barrel, although the day before it came close to it. Oil prices already dropped $ 69 per barrel, despite data on declining US oil reserves.

The week ended with some decline, the main reason being the difficult situation with the coronavirus in India. The price of June futures for the North Sea Brent oil mixture fell by 0.41% - to $ 67.81, May futures for WTI - by 0.53%, to $ 64.37 per barrel.

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