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Oil prices fell on news from the US and Russia

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The market reacted with a rejection to the statements and. O. Deputy Prime Minister of the Russian Federation Alexander Novak that OPEC+ countries are studying the possibility of increasing oil production.

World oil prices continued to fall on news of rising reserves in the United States and statements from Russia about a possible increase in production by OPEC+ countries. This was confirmed by the trading results on Wednesday, May 8.

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Thus, July futures for Brent oil fell in price on the London ICE Futures exchange by $1.05 (1.26%) to $82.11 per barrel. On Tuesday, these contracts fell in price by $0.17 (0.2%), to $83.16 per barrel.

June WTI oil futures in electronic trading on the New York Mercantile Exchange NYMEX fell $1.05 (1.34%) to $77.33 a barrel. At the end of the last session, they fell in price by 10 cents (0.1%) to $78.38 per barrel.

The market responded with a rejection of the action statements. Deputy Prime Minister of the Russian Federation Alexander Novak that OPEC+ countries are studying the possibility of increasing oil production.

“It always depends on the current situation, the balance of supply and demand has been analyzed. Now there is no need to guess anything, you have to see what the market feels,” he said the previous day in comments to the Russian media. .

In addition, investors are assessing signals about changes in US energy inventories. According to the American Petroleum Institute, in the week before May 3, oil reserves in the United States increased by 509 thousand barrels.

Official information from the US Department of Energy will be published tonight. Analysts polled by Trading Economics on average expected the data to indicate a drop in oil inventories of 1.43 million barrels.

We remind you that last week oil prices ended with a significant decrease. It was the largest since February amid rising inventories and a stabilizing situation in the Middle East.

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Source: korrespondent

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