The barrel price of January delivery Brent oil fell below $78 for the first time since July 11. This is evidenced by ICE trade data.
As of 18:13 Moscow time, the contract price dropped to $ 77.98. As of 18:20 Moscow time, oil prices fell to 78.2 dollars. At the same time, WTI fell to $73.81 a barrel on the Nymex exchange.
According to the US Department of Energy, the country’s oil reserves have increased by more than 3.6 million barrels, exceeding analysts’ expectations. Production remains at a record level of 13.2 million barrels per day. This situation led to thoughts that there was a surplus of oil in the market.
At the same time, traders fear a decrease in demand. Growth in fuel consumption is slowing in the United States. It is stated that the demand for petroleum products has weakened in China, where there are problems in the real estate market. Reuters.
The International Energy Agency also lowered its forecast for global demand growth this quarter. All this puts pressure on black gold prices. Experts believe that instability in the market may continue.
Before this, the cost of a barrel of oil fallen Under $79.
Expert previously doubted Denmark’s ability check All tankers carrying Russian oil.