Oil quotations, which bypassed annual highs on Wednesday, are declining again on Thursday. On the eve of the prices were supported by the data of the US Department of Energy on the reduction of oil reserves in the country to the lowest level since March, Interfax reports.
According to the Ministry of Energy, oil reserves in the United States for the week ended February 5, decreased by 6.6 million barrels. Experts polled by S&P Global Platts predicted an average decline of 2.7 million barrels. Stocks at the terminal in Cushing, where oil traded on the NYMEX is stored, decreased by 700 thousand barrels.
April futures for Brent fell by $0.35 (0.57%) on the London ICE Futures exchange to $ 61.12 per barrel. On Wednesday, the contract rose by $0.38 (0.6%) to $61.47 per barrel.
March futures for WTI fell in price at electronic trading on the New York Mercantile Exchange (NYMEX) by $ 0.32 (0.55%), to $ 58.36 per barrel. During the previous session, WTI gained $ 0.32 (0.6%) to $ 58.68 per barrel.
Brent rose on Wednesday for the ninth session in a row, WTI – f r the eighth. For both grades, these are the longest periods of continuous growth since January 2019, according to Dow Jones data. Both Brent and WTI closed Wednesday trading at their highs since January 2020.
Citigroup experts expect the price of Brent to rise to $ 70 a barrel by the end of this year, as the current OPEC + agreement restricts supply, while demand is growing faster than expected.