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Oil declines on U.S. inventory data

September, 14 2022

World oil prices are declining on Wednesday morning amid a significant increase in its reserves in the United States.

According to the American Petroleum Institute (API), commercial oil reserves in the country unexpectedly jumped by 6 million barrels. At the same time, analysts expected a decrease of 200 thousand.

The publication of the IEA report and statistics from the Ministry of Energy of the country is expected this evening. If the official report confirms the growth of reserves, oil quotes will continue their decline.

On Wednesday morning, Brent quotes are near the level of $92.50 per barrel, having declined from the area of $93.80. The cost of North American WTI oil hovers at $87 per barrel.

In addition to the data on reserves, the upcoming speech by the President of the European Commission, Ursula von der Leyen, who is going to present a number of proposals to contain the oil crisis in her speech to the European Parliament, may have an impact on the dynamics of the market.

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Oil declines on U.S. inventory data

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