Oil continues to decline
Oil prices continue to decline in the course of Wednesday trading amid rising oil reserves in the US. According to published data, oil reserves increased by 2.237 million barrels over the past week against a decline of -2.453 million barrels in the previous period. The stocks of distillates decreased by -3.359 million barrels against the decline in the previous period at the level of -0.320 million barrels.
The reserves of gasoline fell by -3.312 million barrels, exceeding the forecast of analysts at -1.938. This decrease in oil products stocks can restrain a stronger decline in oil quotations.
- At the moment, WTI crude oil is trading at $ 56.64, losing about -0.92% in price.
- Brent crude oil is trading around $ 63.22, losing about -0.74% in price.
For more information, see Technical Analysis of Oil
Alexander Sivtsov