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The fall in oil prices has slowed down


August, 11 2021
watermark Economic news

World oil prices on Wednesday show a slowdown in the decline after the release of statistics on crude oil inventories in the United States.


The current Brent oil price is $70 per barrel. A few hours earlier, the price of «black gold» dropped to $69.30 per barrel. WTI futures fell to $ 66.97, later recovering to $67.90 a barrel.


The quotes were supported by data from the US Department of Energy, according to which stocks of raw materials in the country fell by 0.4 million barrels to 438.8 million. However, these figures turned out to be worse than the forecast for a decline of 1.27 million. US gasoline inventories fell by 1.4 million barrels, to 227.5 million.


At the same time, the asset is still under pressure. The media reported that the United States is calling on OPEC + to increase oil production to curb the rise in gasoline prices. However, the organization has not yet considered this issue, not excluding, however, discussion in the future.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.