2024-03-27 06:15:58
Oil prices dropped on Wednesday following data from the American Petroleum Institute (API), which showed a significant increase in reserves in the United States, Day.Az reports.
The cost of May futures for Brent on the London ICE Futures exchange as of 8:10 Moscow time is $85.54 per barrel, which is $0.71 (0.82%) lower than at the close of previous trading. On Tuesday, these contracts fell by $0.5 (0.6%) to $86.25 per barrel.
WTI oil futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) dropped in price by $0.61 (0.75%) by this time to $81.01 per barrel. Based on the results of previous trading, the cost of these contracts decreased by $0.33 (0.4%) to $81.62 per barrel.
According to API estimates, oil inventories in the United States increased by 9.337 million barrels in the week ending March 22, the highest increase since mid-February 2023.
Oil inventories at the Cushing terminal, where Nymex-traded crude is stored, increased by 2.4 million barrels, API said.
Official data on energy reserves in the United States will be released by the Department of Energy at 17:30 Moscow time.
The oil market continues to monitor the geopolitical situation and awaits news from OPEC+.
The coalition states, which will meet again on April 3, are likely to maintain current production restrictions. As Bloomberg reports, citing sources, OPEC+ countries do not yet see the need to change production volumes.
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