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Oil is declining after yesterday's jump


December, 23 2021
watermark Economic news

Last night, after the release of statistics from the US Department of Energy on crude oil reserves in the country, Brent quotes jumped sharply to the level of $75.71 per barrel. Today, the price is declining, approaching the $75.00 mark. The price of WTI crude oil showed a decrease from $73.20 to $72.50 per barrel.


According to official weekly data on the energy market in the United States, stocks of raw materials decreased by 4.7 million barrels, while analysts predicted a smaller reduction – by only 2.7 million barrels. Oil reserves in the States have been declining for the fourth week in a row. At the same time, gasoline reserves increased by 5.53 million barrels, distillates – by 396 thousand barrels.


Additional support for the market is provided by various news that helps to reduce nervousness about the omicron strain, as well as the release of good statistics on the United States. The US GDP in the final assessment and the consumer confidence index from the Conference Board came out better than expected.


Quotes are also supported by the news about the suspension of production at several fields in Libya, as a result of which the country lost more than 300 thousand b/d of production.


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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.