Oil prices continue their decline

On Wednesday, oil trading finished at the lowest level since the beginning of October and oil price continues to decline, Interfax reports.

The market continues to react to the news that the administration of US President Joe Biden is considering selling oil from the strategic reserve. At the same time, during a virtual summit with Chinese President Xi Jinping, the possibility of a similar step on the part of China was discussed.

The oil market was not supported even by the data on the reduction of oil stocks in the US last week, MarketWatch notes.

On Thursday Brent January futures fell by $0.28 (0.35%) to $80 per barrel. On Wednesday, their price fell by $2.15 (2.6%) and amounted to $80.28 per barrel at the close, which is the lowest level since October 7.

WTI December futures went down by $0.67 (0.86%) to $77.69 per barrel. As a result of the previous session, their price fell by $2.4 (3%), ending the day at $78.35 per barrel.

The US oil stocks decreased by 2.1 million barrels last week to 433 million barrels, the country's energy ministry said.

Tags: oil, USA, oil production, price, petroleum products, oil deliveries, gasoline, Brent, WTI, economy, Biden, China

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