The decline in oil prices occurred against the backdrop of growing reserves of this type of raw material in America.
On Thursday, November 16, oil prices for standard grades of oil continued to fall on the world market. Experts named the main reason for this situation on the market as information about an increase in oil reserves in the United States to the highest level since August, announced by the US Department of Energy.
Thus, this morning, January contracts for North Sea Brent oil fell by 64 cents, amounting to $80.54 per barrel.
By the way, yesterday Brent fell in price by more than $1.
In turn, futures contracts for delivery in December for WTI fell by 63 cents and cost $76.03 per barrel. Yesterday this contract lost more than one and a half dollars in price.
We add that the report of the US Department of Energy emphasizes that “commercial oil reserves in the country increased by 3.6 million barrels in the week ending November 10.”
Because of such information, the oil market tends to further reduce the cost of “black gold”.
As previously reported, world oil prices have fallen to a three-month low: below $80 per barrel.
Author:
Svyatoslav Rybalchenko
2023-11-16 10:05:30
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