Oil prices decline on data on stocks in the United States
March, 27 2024
Oil prices declined on Wednesday after the publication of data from the American Petroleum Institute (API), which indicated a significant increase in reserves in the United States.
The current price of Brent oil is $84.71 per barrel. Yesterday, the asset was trading near the $86.40 level. North American WTI oil shows a similar trend: a decline to $80.66 after rising to $82.20 per barrel.
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According to API data, oil reserves in the United States increased by 9.337 million barrels in the week ending March 22, which was the highest increase since mid-February 2023. Oil reserves at the terminal in Cushing, where Nymex-traded oil is stored, also increased by 2.4 million barrels.
Official data on energy reserves from the U.S. Department of Energy will be released later on Wednesday.
In addition, the oil market continues to monitor the geopolitical situation and expects news from OPEC+. The alliance countries will hold a regular meeting on April 3 and will probably maintain the current production restrictions. Sources close to the organization claim that OPEC+ countries do not yet see the need to change production volumes.
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