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Oil continued to decline after inflation-induced drop


November, 11 2021
watermark Economic news

Oil prices continued to decline on Thursday, reaching the level of $82.10 per barrel. The drop in quotations began yesterday, after the release of inflation data in the United States. 


According to recent statistics, the consumer price index (CPI) in the United States in October increased by 6.2% year-on-year. Analysts had forecast an increase of 5.8%. Such price growth has become the fastest in the last 30 years. The US dollar reacted with a strengthening amid expectations that the White House and the Federal Reserve will take measures to curb inflation. And this is a negative factor for oil prices.


WTI oil quotes are also declining, today's minimum was fixed at $80.22 per barrel. 


The statistics on crude oil reserves in the United States had an additional impact on the dynamics of the oil market. According to the Ministry of Energy, reserves last week increased by 1 million barrels to 435.1 million barrels. Gasoline reserves decreased by 1.56 million barrels, to 212.7 million barrels, distillates – by 2.61 million barrels, to 124.51 million barrels.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.