Oil prices fell on data on the growth of stocks in the United States
In the morning trading on Wednesday, oil prices are declining. Market participants evaluate information on the spread of the coronavirus, as well as data on the dynamics of the volume of oil reserves in the United States. By 7.36 Moscow time, a barrel of Brent crude oil fell by 0.72% to $66.9 cents. The price of a barrel of WTI crude oil showed a decrease of 0.81% to 62 US Dollars 16 cents. In some countries, there is an increase in the number of coronavirus diseases.
The deterioration of the epidemiological situation was recorded in Japan and India, which may lead to a tightening of restrictive measures. These two countries account for 16% of the world's oil demand. The coronavirus pandemic may hinder the global economic recovery. In this regard, the growth of oil demand is questionable. The data on stocks published in the United States came as a surprise to experts. They indicate an increase in the country's reserves by 400 thousand barrels. Oil stocks in the United States were declining in the previous three weeks. Now market participants are waiting for statistics on reserves from the US Department of Energy. It will be released on Wednesday evening.