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World Oil Prices Continue To Fall

World Oil Prices Continue To Fall 21.10.2020

World Oil Prices Continue To Fall

World oil prices accelerated the fall after the publication of statistics from the US Department of Energy on the reserves as well as oil products in the country, according to trading data.

As of October 21, the price of December futures for North Sea Brent crude oil mixture fell by 2.57%, to 42.05 USD per barrel, and December futures on WTI by 3.02%, to 40.44 USD per barrel. During the day, oil prices fell to 1.5%.

The traders prefer to stop buying oil on Wednesday amid persisting uncertainty about the demand for raw materials in the world. In particular, the pressure on the quotes is exerted by an increase in the number of coronavirus infections, which leads to the introduction of new restrictions. Thus, quarantine measures have been tightened in a number of European countries.

The fall in oil prices accelerated after the publication of data from the US Department of Energy on oil reserves in the country. So, over the past week, the figure fell by 1 million barrels, to 488.1 million barrels. At the same time, gasoline inventories in the United States unexpectedly rose by 1.9 million barrels to 227 million barrels. The analysts predicted a decline of 1.8 million barrels.

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