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Oil is trading lower
This morning, the New York futures for Brent fell 0.65% to $ 55.08 and WTI fell 0.64% to $ 52.84. Thus, the black gold prices traded in the red zone on the background of the US oil reserves growth.
US crude stocks rose 2.9 million barrels for the week ending January 20, up to 482.2 million, while analysts had expected an increase of 2.8 million barrels, according to data from the American Petroleum Institute. US domestic oil production has increased by more than 6% since mid-2016, but is still below the historical high reached in 2015, about 7%.
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