On Wednesday, March 10, oil prices fell after data from the American Petroleum Institute (API), which showed a new jump in commodity reserves in the country. According to API, the increase in US oil stocks for the week ended March 5 amounted to 12.8 million barrels.
The official report of the US Department of Energy on energy reserves will be published later today. Experts interviewed by S&P Global Platts on average forecast an increase in US oil reserves last week by 2.7 million barrels.
The price of May futures for the Brent variety on the London Stock Exchange ICE Futures this morning at 9.20 Bulgarian time was 66.84 dollars per barrel, which is 0.68 dollars below that at the end of the previous session. As a result of trading on March 9, these contracts fell by 0.72 dollars (1.1%) – to 67.52 dollars per barrel.
At the same time, the price of April futures for the US benchmark WTI in electronic trading on the New York Mercantile Exchange (NYMEX) is $ 63.41 per barrel, which is $ 0.56 below the level at the close of trading on Tuesday. As a result of the previous session, quotations for WTI fell by 1.04 dollars (1.6%) – to 64.01 dollars per barrel.
Since the beginning of this year, oil prices have risen by more than 30% as a result of a drop in supply, in particular due to the restriction of production from Saudi Arabia.
“Oil demand will grow while supply remains tight,” said Kim Quanggre, an analyst at Samsung Futures Inc., a commodity analyst at Samsung Futures Inc., quoted by Bloomberg.
The US Department of Energy yesterday slightly raised the forecast for oil production in the country in 2021 – to 11.1 million barrels per day from 11 million barrels per day. In 2020, oil production in the United States is 11.3 million barrels per day.
– .
