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Oil is trading lower
This morning, the New York futures for Brent fell slightly to $ 55.46 and WTI fell 0.13% to $ 52.73. According to the American Petroleum Institute US crude stocks rose by 5.8 million barrels in the week to 488 million, while analysts had expected an increase of 3.3 million barrels.
Recall that the OPEC members for the first time in eight years, agreed to cut production by about 1.2 million barrels per day in order to restore balance in the global market and maintain prices for raw materials, and Russia pledged to reduce total production by 600,000 barrels per day.
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