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Oil continues to fall in price – 2024-03-29 09:41:48

2024-03-29 09:41:48

Oil prices fell on Wednesday afternoon due to signals of a significant increase in US oil reserves.

As Day.Az reports with reference to Interfax, May Brent futures fell in price on the London ICE Futures exchange by $0.45 (0.53%) to $85.18 per barrel. By this time, May futures for WTI rose in price on the NYMEX exchange by $0.42 (0.51%), to $81.2 per barrel.

The day before, Brent fell in price by 0.6%, WTI – by 0.4%.

According to the American Petroleum Institute (API), oil reserves in the United States increased by 9.337 million barrels last week.

“Data published by API put pressure on the market. If they are confirmed by data from the Ministry of Energy, inventory growth will be a record since January 2023,” ING analysts wrote.

The Energy Ministry will release its reserve data later on Wednesday. Analysts surveyed by Trading Economics expect to see a decline in oil inventories of 1.28 million barrels.

Market participants are also awaiting the results of the next OPEC+ meeting, which will take place on April 3. Coalition countries are expected to maintain existing production restrictions.

JPMorgan Chase analysts noted that oil prices could exceed $100 per barrel if the recent production cuts in Russia are not balanced by other measures.

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