Oil prices are going down as the correct path

By 7.49 Moscow time, the Brent oil barrel price fell to $84.47 cents or 0.24%. WTI crude oil fell to $82.46 cents or 0.21%. Over the past two days, oil prices have been on the rise. Thus, a Brent Crude Oil barrel rose in price by 4.6%. The WTI benchmark oil price rose 5.5%. This was facilitated by data from the US Energy Department. The department reported that over the past week, oil reserves in the country decreased by 4 million, 600 thousand barrels or 1.1%. They amounted to 413 million 300 thousand barrels, which is the minimum volume of reserves since October 2018. The analysts assumed that in a week the volume of reserves in the country would decrease by 1 million, 900 thousand barrels. Investors are also monitoring the extent of the Kazakhstan situation. Unrest in the country could cause disruptions in the supply of Kazakh oil. The resumption of oil production in Libya was a positive factor for the oil market.

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Arseny Kudrin

Publicist, trader

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