Oil quotations are declining on Wednesday after reaching multi-year highs a day earlier, Interfax reports.
By 8:09 am Kyiv time, December Brent futures price decreased by $0.45 (0.53%) to $84.63 per barrel at the London ICE Futures exchange. On Tuesday, Brent price went up by $0.75 (0.89%) to $85.08 per barrel, the highest since October 2018.
By this time, November WTI futures price went down by $0.37 (0.45%) to $82.59 per barrel at the New York Mercantile Exchange (NYMEX). During the previous session, the price increased by $0.52 (0.6%) to $82.96 per barrel. At a certain point in the trading session on Tuesday, the WTI price reached its highest in seven years.
The rally in oil prices has been going on for two months amid an imbalance in supply and demand. Rising coal and natural gas prices in Asia have forced electricity producers to switch to oil as an alternative, Trading Economics writes.
Traders await the release of data from the US Department of Energy on the stocks of oil, gasoline and distillates in the country on Wednesday.