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Brent fell to $86.60 per barrel after rising to the highest since October

Mars, 20 2024
watermark Economic news

Oil prices on Wednesday showed a moderate decline after yesterday's significant growth amid concerns about a possible decrease in supply volumes on the global market. 


The current price of Brent oil is $86.60 per barrel, yesterday the asset was trading at $87.70. North American WTI crude is trading near $81.95 per barrel, while yesterday the quotes were at $83.10 per barrel. Prices for both types of oil have reached their highest levels since October.


Among the main reasons for the growth are attacks on Russian refineries, positive economic data from China, as well as Iraq's announcement of a reduction in oil exports. Experts note that damage to Russian refineries may lead to an increase in oil exports from Russia, which, in turn, may have an impact on world prices.


The focus of investors' attention today is the upcoming data on oil reserves in the United States, which will be published by the country's Ministry of Energy later on Wednesday. Preliminary data from the American Petroleum Institute indicated a reduction in inventories last week by 1.519 million barrels.


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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.