MOSCOW, August 31 – PRIME. World oil prices on Wednesday evening slowed down the decline in statistics on commercial oil reserves in the US, according to trading data.
As of 19.10 Moscow time, the price of November futures for Brent crude fell by 0.94% to $96.92 per barrel, October futures for WTI fell by 0.79% to $90.92. At the same time, Brent lost 3.09% during the day, while WTI lost 3.24%.
During the day, oil prices were actively falling on macroeconomic pessimism. Investors and analysts believe that the tightening of the monetary policy of the US Federal Reserve, announced by Chairman Jerome Powell, could lead to a stronger dollar, which is negative for oil prices, and provoke a recession, which will affect oil demand.
The main factor in slowing down the decline in prices for “black gold” was the publication earlier on Wednesday of statistics on commercial oil reserves in the US. Inventories fell by 3.3 million barrels, or 0.8%, to 418.3 million barrels. At the same time, oil production increased by 100 thousand barrels per day, up to 12.1 million barrels per day. The strategic reserve, on the other hand, fell to its lowest level since December 1984, reaching 450 million barrels. The decrease in inventories fuels investors’ fears about the lack of oil on the market and slows down the decline in prices.