In trading on Wednesday, the price of oil from the reference brand continued to decline. And if, at the end of last week, the decline in Chinese demand and the peaceful resolution of the Khashoggi crisis were cited as reasons, now data on unexpected growth in commercial shares in the United States has taken over.
January futures for Brent on the ICE Futures London Stock Exchange at 5:50 p.m. fell 0.56 dollars (0.93%) – up to 59.65 US dollars / barrel. The cost of futures for WTI for the same month on the New York Mercantile Exchange (NYMEX) fell $ 0.27 (0.52%) – to $ 51.29 per dollar / barrel, Interfax-Ukraine reported.
According to the US Department of Energy, oil reserves in the country increased last week by 3.577 million barrels, to 401.5 million barrels. As such, share growth continued for a tenth consecutive week. Taking into account seasonal, reserves are close to the average level in five years.
At the same time, oil production in the United States has not changed, reaching around 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 473 thousand b / d (24%) – to 2.44 million b / d, a new historical maximum.