Sunday , February 28 2021

Oil prices continue to decline



During Wednesday's trading, oil brand prices for reference brands continued to decline. And if at the end of last week the reasons for the decline of Chinese demands and the peaceful resolution of the crisis with the assassination of Khashoggi are listed, they have now taken on the unexpected growth of commercial stocks in the United States.

January futures for Brent on the London Stock Exchange ICE Futures at 17:50 fell by $ 0.56 (0.93%) – to $ 59.65 / barrel. WTI futures for the same month on the New York Mercantile Exchange (NYMEX) fell $ 0.27 (0.52%) – to $ 51.29 per barrel, Interfax-Ukraine reports.

According to the US Department of Energy data, oil reserves in the country rose by 3.577 million barrels last week to 401.5 million barrels. Therefore, the stock growth continued on the tenth week in a row. Taking into account the seasonal situation, the reserves are close to the average level in five years.

At the same time, oil production in the United States has not changed, reaching around 11.7 million barrels a day (b / s), a record. Imports of oil increased by 608 thousand b / d (8%), to 8.16 million b / d. Exports of oil from the United States jumped 473 thousand b / d (24%) – to 2.44 million b / d, a new historical maximum.


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