Oil prices continue to decline

Brent January futures fell in price by $0.36 (0.45%) to $79.34 per barrel. On Monday, their price increased by $0.81 (1%) and amounted to $79.7 per barrel at the close, Interfax reports.

WTI January futures pride went down by $0.5 (0.65%) to $76.25 per barrel. As a result of the previous session, their price increased by $0.81 (1.1%), ending the day at $76.75 per barrel.

On Tuesday, benchmark crude prices have declined in anticipation of a possible announcement that the US will start selling fuel from strategic reserves.

According to Oanda analysts, this could happen as early as Tuesday.

"In my opinion, selling from the strategic reserve is likely to remove a dollar or two from the market," said Robert Jaeger, an analyst at Mizuho Securities. However, he does not exclude that this step has already been included in the quotes.

White House spokesman Jen Psaki said that the US administration, regardless of whether it uses the strategic oil reserves, will urge OPEC to increase production.

IEF Secretary General Joseph McMonigle said on Monday that OPEC + countries will stick to their current plans to increase oil production, but these plans may change in the event of unforeseen factors such as the release of strategic reserves or new quarantines from - for a pandemic.

In September, the export of Saudi oil rose to an 8-month high.