- Analytics
- News and Tools
- Market News
- Oil: Prices recover slightly after declining on U.S. stockpiles at record highs since 1982
Oil: Prices recover slightly after declining on U.S. stockpiles at record highs since 1982
Brent crude and West Texas Intermediate are trading higher today after moderately decreasing yesterday which was associated with the release of data on oil reserves in the United States, as well as the strengthening of the US dollar. The US Department of Energy announced that commercial oil stocks rose 8.9 million barrels to 406.7 million barrels, compared to the average forecast of four million barrels. The latter value was the highest for the entire period of statistics with the US Department of Energy in August 1982.
Brent Crude added +0.70%, currently trading at USD48.81 a barrel, still below the important USD50 level. On January 13th Crude hit a low at USD45.19. West Texas Intermediate gained +0.18% currently quoted at USD44.53.
Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the worldwide supply exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
