Oil prices are stabilizing after the sharp drop

Oil prices stabilized on Tuesday morning after a strong decline in the previous trading session, prompted by expectations of further growth in the extraction of raw materials in the US. Futures for the North Sea Brent blend dropped 0.05 percent to $64.92 per barrel.
Futures contracts for US light oil WTI by this time traded at $61.33 per barrel, which is 0.05 percent lower than the previous closing.
On Monday, both benchmarks fell by about one percent.
Oil prices fell due to fears that the increase in production in the US could lead to an increase in the stock of raw materials in the country, analysts of the ANZ bank believe.
The Energy Information Administration (EIA) in its March review raised the forecast for oil production in the US in 2018. The Office expects that the volume of production of raw material in the US on average will grow by more than 120,000 barrels per day to 11.17 million barrels per day by the fourth quarter of this year. The previous forecast assumed growth to 11.04 million barrels per day.
Moreover, the production of shale oil resources in the US in April will increase by 131,000 barrels per day by March to 6.95 million barrels per day - a fresh maximum, according to the EIA.
The focus of investors' attention is data on weekly stocks of oil and petroleum products in the US from the American Petroleum Institute (API) and official EIA statistics.