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The price of a barrel Brent 1. position fell six percent during the day. In addition, WTI oil, the American light oil, saw a sharp drop in prices Wednesday.
Track the price of oil here.
The reason for the sharp drop in oil prices is somewhat unclear.
This afternoon, it became known that US crude oil inventories fell from 12.6 million barrels to 405.2 million barrels last week.
In comparison, stocks were expected to decline by 4.5 million barrels, according to Direkt Macro.
According to statistics from the American Petroleum Institute (API), US oil stocks fell by 6.8 million barrels last week.
But the fall in oil prices began before these numbers, "said Mark Flynn, Senior Market Analyst at Price Futures Group, says the reason for the price slump is the US website. Reasons are rumors that Libya is about to increase production.
He also believes that the fear of trade and the belief that US President Donald Trump will push Russia to boost oil production to make lower prices Falling oil price Wednesday (Conditions)
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