Oil is still falling, as there are no reasons for the price normalization yet. WTI has updated the annual minimum, while Brent has fallen below the November level of the current year.
February Brent futures have slipped by 1.3% to the value of 58.8 US dollars per barrel. January WTI futures have fallen by 1.4% to $ 49.2. At the last session, there was also a fall. Brent then fell to 59.6 US dollars, WTI – to 49.9 US dollars.
The prices have reduced after disclosure of the data on US stocks. The stock in Cushing, from where oil is being traded on the NYMEX, has increased by 630,000 barrels, which exceeded the market expectations. This information was provided by Genscape, which gives a preliminary assessment a couple of days before the official figures of the Ministry of Energy.
Earlier, the Ministry of Energy published data on drilling operations. It is expected that the production will be increased to 8.17 million barrels per day.
Experts emphasize that such a forecast shows an increase in the growth rates relative to previous months.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade