Take a fresh look at your lifestyle.

Despite the decline in reserves, oil prices fall

Despite the decline in reserves, oil prices fall


Oil prices fall on Friday, despite a report from the US Energy Information Administration confirming a sharp decline in reserves that exceeded analyst expectations.

The crude oil futures for WTI US fell by 0.02% to $ 58.51 a barrel at 4:07 pm (CET) while Brent futures international reference left 0.17% to 64 , 57 dollars.

The EIA said oil reserves fell by 2.5 million barrels, many more than the expected 750,000 barrels.

“What draws my attention are the dramatic increases in products that are undoubtedly determining confidence, despite the decline in crude oil, ” said Tony Headrick, energy market analyst at CHS Hedging, in a note quoted by Reuters .

The EIA also noted that US production recorded record highs last week at 13 million barrels per day.

On the other hand, gasoline reserves are increasing, with a rise of 6.7 million barrels to a total of 258.3 million barrels.

This figure also exceeded analyst estimates by almost double.

For its part, the American Petroleum Institute has announced that crude oil reserves increased by 1.1 million during the week ending January 10.

In Asia, China has published that its GDP grew by 6.1% last year, within the target range set by the Government between 6% and 6.5%. The growth in the last quarter of 2019 was 6%.

Oil prices recorded record highs last week, in the face of rising tensions in the Middle East following the armed attacks between the United States and Iran in Iraq and the demolition of a Ukrainian commercial plane from Tehran to Kiev, which Iran admitted that It happened by mistake.

Tehran’s control of the Strait of Hormuz is a key factor in the flow of oil .

Leave A Reply

Your email address will not be published.