Oil prices continue to decline under pressure from concerns about weakening energy demand and amid signs of increased oil production in non-OPEC+ countries. The current price of Brent is $72.92 per barrel, the daily low was fixed at $72.31 per barrel. North American WTI crude oil fell to a low of $67.72 per barrel. The market reacted negatively to the US inflation data for November, published the day before. Inflation in the United States slowed to 3.1% year-on-year last month from 3.2% a month earlier, while core inflation, which does not take into account the cost of food and energy, remained at 4%. Analysts note that the stability of core inflation reduces the likelihood of a rate cut by the US Federal Reserve in the first quarter of 2024. Which, in turn, once again raises the question of the possibility of a recession in the US economy due to the restrictive policy of the central bank. An additional negative impact on the market was caused by a less optimistic forecast for oil prices: the US Energy Information Administration (EIA) lowered its forecast for Brent prices for 2024 by $10 per barrel, to $83 per barrel, indicating lower expectations for oil prices in the future. In addition, data from the American Petroleum Institute (API) on oil reserves in the United States indicate an excessive increase in gasoline reserves, which may indicate a slowdown in fuel consumption in the United States. It is important to note that the high level of oil production in the United States, despite the reduction in the number of drilling rigs, also puts pressure on oil prices on world markets.
RYCHLÉ ODKAZY
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