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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

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Oil prices are under pressure again amid the unexpected increase in stocks in the United States

June, 05 2024
watermark Economic news

Today, oil prices in the energy markets continued their decline, following the dynamics of the last six days. The current Brent quote is $77.30 per barrel, WTI is $73.00. 


The decline in prices is due to recent data on a significant increase in crude oil and fuel reserves in the United States, which raises doubts about the sustainability of demand growth.


According to the American Petroleum Institute, stocks of crude oil, gasoline and distillates unexpectedly increased in the United States last week. An increase in inventories usually indicates an excess of supply over demand. 


The institute's data showed that in the week ended May 31, crude oil inventories increased by more than 4 million barrels, while analysts had forecast a decrease of 2.3 million barrels. In addition, gasoline inventories also increased significantly – by more than 4 million barrels, which exceeded the growth of 2 million barrels predicted by analysts.


The pressure on prices is also related to the decision of the OPEC+ group to increase supply from October, despite signs of a possible weakening in demand growth.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.