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Brent started to decline after the data on stocks in the United States


October, 14 2021
watermark Economic news

On Thursday, the price of Brent oil continued to fluctuate in the area of local highs above the level of $84 per barrel. However, after the publication of the report on crude oil reserves in the United States, quotations declined slightly. The current quote of the asset is $83.70.


Pressure on the oil market was exerted by data on oil reserves in the United States. According to statistics from the Ministry of Energy, reserves unexpectedly increased by 6 million barrels, while analysts predicted a decrease in oil reserves in the country by 500 thousand barrels, gasoline – by 400 thousand barrels, distillates – by 800 thousand barrels.


A day earlier, a similar report was presented by the American Petroleum Institute (API), according to which reserves increased by 5,123 million barrels after an increase of 951 thousand barrels a week earlier.


However, experts suggest that prices for «black gold» may remain at higher levels in the coming years, as demand will recover and supply will remain limited. The average forecasted price of Brent in the next few years is expected to reach $85 per barrel.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
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