Oil prices fell sharply on Wednesday morning – oPeniazoch.sk

Oil prices fell sharply on Wednesday morning. The reason is the increase in oil reserves in the US, which with the world’s largest consumer for years, and the pressure on the OPEC + alliance to increase supplies to the market.

A barrel (159 liters) of US WTI crude oil with a December contract was $ 8.4.46 (€ 71.07) at 8.42 hours SE. That was $ 1.45 or 1.73% less than on Tuesday (November 2) at the end of trading on the New York Commodity Exchange. The contract lost 14 cents or about 0.2% on Tuesday and closed at $ 83.91 a barrel.

Janur’s contract for the North Sea oil mixture Brent was sold on Wednesday morning at 8.42 am SE with a loss of 1.27 USD or 1.50% after 83.45 USD per barrel.

“Oil prices are falling when the API first showed an increase in oil for the sixth time in a row and the Biden administration exhausted all calls for OPEC + members, not a hole in strategic terms,” ​​said OANDA analyst Edward Moya.

At a climate summit in Glasgow, US President Joe Biden blamed the reluctance of the Organization of Extreme Petroleum Oil (OPEC) for the sharp rise in oil and gas prices.

Representatives of the OPEC cartel and its allies in Russia, the OPEC + alliance, will meet on Thursday (November 4) to discuss a policy. In general, they are expected to confirm the full successive monthly increase in additions.