2024-08-03 07:31:47
Oil prices are falling on Thursday morning after a strong rise the day before, caused by data on a reduction in fuel reserves in the United States.
As reported by Day.Az with reference to Interfax, September futures on Brent fell on the London ICE Futures exchange by $0.63 (0.77%) to $81.08 per barrel. On Wednesday, Brent rose by $0.7 (0.9%) to $81.71 per barrel.
By this time, September futures for WTI were falling in price on the electronic trading of the New York Mercantile Exchange (NYMEX) by $0.64 (0.82%), to $76.95. During the previous session, the contract rose in price by $0.63 (0.8%), to $77.59 per barrel.
As reported the day before by the US Department of Energy, commercial oil reserves in the United States last week fell by 3.74 million barrels to 436.48 million barrels, the lowest since February. The decline in reserves was noted for the fourth week in a row, the first time since last September.
U.S. gasoline inventories fell by 5.57 million barrels last week, while distillate inventories fell by 2.75 million barrels. Experts had expected crude inventories to fall by 2.84 million barrels, gasoline inventories to increase by 1 million barrels, and distillate inventories to rise by 1 million barrels, according to Bloomberg.
“The Energy Information Administration report was good and futures predictably jumped after its release,” said Tyler Richie, editor of Sevens Report Research. “However, going forward, bulls would like to see more signs of strong and stable consumer demand.”
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