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Oil prices continue to decline

In the course of trading on Wednesday, the oil prices of reference brands continued to decline. And if, at the end of last week, the decline in China’s requests and the peaceful resolution of the Khashoggi crisis were cited as a reason, now the data on the unexpected growth of commercial stocks in the United States has taken over.

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

According to the US Department of Energy, oil reserves in the country last week increased by 3.577 million barrels, to 401.5 million barrels. Thus, the growth of stocks continued for the tenth week in a row. Taking into account seasonality, reserves are close to the average level in five years.

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

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