Business

World oil prices accelerate the decline

Written by The Frontier Post

MOSCOW (RIA Novosti): World oil prices on Wednesday evening accelerated the decline on the data of the US Department of Energy on the growth of commercial reserves of raw materials in the country, which turned out to be more than expected, according to trading data.
As of 17.42 Moscow time, the price of January futures for Brent crude oil fell by 2.71% – to 82.42 dollars per barrel, December futures for WTI fell 3.15% – to 81.27 dollars per barrel. Before the statistics were released, the quotes were down 2.1% and 2.5%, respectively.
Earlier, the US Department of Energy reported that commercial oil reserves in the country for the week to October 29 increased by 3.3 million barrels, although the forecast assumed an increase of only 2.2 million. Production in the country in a week increased by 200 thousand barrels per day – up to 11.5 million barrels per day.
Distillate stocks in the country for the week also unexpectedly increased – by 2.2 million barrels. At the same time, gasoline stocks fell more than expected – by 1.5 million barrels instead of the expected 1.3 million.
Markets are also awaiting an OPEC + meeting scheduled for Thursday. Bidders are wondering if the alliance will change the terms of the agreement after US President Joseph Biden blamed its bidders for the current rise in market prices.

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