Oil prices decline on data on growth in US inventories

The oil market reacted to the information on the dynamics of reserves in the United States. On the eve of the API reported that by the end of the week the volume of raw material reserves in the country increased by 1 million 140 thousand barrels. At the same time, analysts assumed that it would decrease by 1 million 510 thousand barrels. They also expect that on Wednesday evening the US Department of Energy will announce a decrease in oil reserves by 1 million 420 thousand barrels.

The price of a barrel of Brent oil fell to $48 67 cents or 0.35%. A barrel of WTI crude oil fell to $45 48 cents or 0.26%. Market experts note that the recent rise in oil prices was overstated.

Oil market participants are generally optimistic. They hope that the world will be able to cope with the pandemic next year. The basis for positive expectations is the successful completion of vaccine trials. Several companies announced this at once. This week, the US regulator approved the use of a vaccine developed by Pfizer and BioNTech.

It also became known about the beginning of vaccination of the population in the UK.

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