Oil prices fall after the surprise rise in US reserves

The United States Petroleum Institute (API) reported an unexpected buildup of 629,000 barrels of oil in the US inventory. during the last week, which was accompanied Wednesday by a decrease in the price of crude oil.

According to Reuters reports, Brent oil futures recorded 71.85 dollars per barrel at 2:40 GMT (-0.4%), while crude oil WTI reached 68, 08 dollars a barrel (-0.5%). Both quoted below last week's price in about 6 and 7 dollars respectively.

After more than a year of containing production, the Organization of Petroleum Exporting Countries (OPEC), along with other producers like Russia, has agreed to increase it until To one million barrels a day from this month.

Due to supply cuts in Venezuela and the risk of sanctions against Iran, badysts are seeing more and more possible that the US will use your reserves Strategic Petroleum Resources (SPR).

"The main reason for the significant fall in prices was the discussion on the publication of the SPR, which is ongoing," said Tamas Varga, an badyst at PVM Oil Associates, after quotes from Wall Street Journal.

Earlier, they described Tehran as a "mistake" in thinking that the "economic war" of the United States against Iran will have no impact and will promise to "sell as much of oil as possible "despite US sanctions.