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The price of a barrel of Brent for delivery in January closed Wednesday on the London futures market at $ 58.73, or 2.46% less than at the end of the previous session. Gross North Sea, a benchmark in Europe, closed the day on the international futures market with a decline of $ 1.48 compared to the last trading, which had closed at $ 60.21.
The price of Brent fell after learning that US oil reserves had risen 3.6 million barrels last week, above one million barrels anticipated by the market. This is the tenth consecutive weekly increase attributed to the recent increase in domestic production, which reached a record 11.7 million barrels a day.
For its part, the price of Texas Intermediate Oil (WTI) decreased by 2.5% to $ 50.29 per barrel. At the end of live trading on the New York Mercantile Exchange (Nymex), WTI futures for delivery in January lost $ 1.27 from the previous session. The price reached today by the contracts, the lowest since October 2017, is the result of a volatile session during which the dollar's weakness was pushed upward, while the new data on the reserves ended up weighing more.
Initially, Texas oil prices benefited from the positive market reaction following the speech of Federal Reserve Chairman Jerome Powell, who said interest rates are close to a neutral level.
On the other hand, gasoline reserves for the automotive industry were reduced by 800,000 barrels or 224.6 million, and distilled fuels such as diesel and fuel oil increased by 2.6 million barrels. at 121.8. Millions At the same time, gasoline contracts maturing in December subtract 2 cents to $ 1.40 per gallon and natural gas contracts, maturing in the same month, added 45 cents to 4.72 dollars per thousand cubic feet.
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