Prices for “black gold” are growing after the release of data from the US Department of Energy on a significant reduction in reserves in the country.
World prices for reference grades of oil rose significantly and surpassed the level of $82 per barrel. This was confirmed by the trading data on Wednesday, December 21.
Thus, the futures price for Brent crude for February delivery on the London ICE Futures exchange rose by $2.21 (+2.76%) to $82.20 per barrel.
Accordingly, WTI crude futures for February delivery on the New York Mercantile Exchange rose $2.05 (+2.69%) to $78.28 per barrel.
Prices for “black gold” are growing after the release of data from the US Department of Energy on a significant reduction in stocks in the country last week. It was down 5.9 million barrels to 418.23 million barrels. Meanwhile, market analysts expected a less significant reduction in inventories – by 2.5 million barrels.
Gasoline commodity stocks increased by 2.53 million barrels and reached 226.11 million barrels, distillates – decreased by 242 thousand barrels, up to 119.93 million barrels.
Also, the oil market this week shows increasing investor confidence about future demand growth in China against the backdrop of the gradual abandonment of the zero tolerance policy for COVID-19. Against the backdrop of the increase in incidence, the Chinese authorities have not yet introduced quarantine in cities, which means an increase in demand for raw materials.
It was previously reported that a week after the introduction of the price ceiling for Russian oil, oil exports from Russia fell by 54% or 1.86 million barrels per day.
At the same time, the Russian Federation expressed outrage and called the oil price ceiling a “non-market measure”.
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Source: korrespondent
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