Commodities

Oil prices fall as geopolitical tensions ease

Oil prices continue to fall in price on Thursday morning. Lowering prices is facilitated by the weakening of geopolitical risks after the statements of NATO Secretary General Jens Stoltenberg that the cause of the explosion in Poland near the border with Ukraine, apparently, was a missile of the Ukrainian air defense system.

The cost of January futures for Brent on the London ICE Futures exchange by 8:22 Moscow time is $91.97 per barrel, which is $0.89 (0.96%) lower than the closing price of the previous session. As a result of trading on Wednesday, these contracts fell by $1 (1.1%) to $92.86 per barrel.

The price of futures for WTI oil for December in electronic trading on the New York Mercantile Exchange (NYMEX) is $84.53 per barrel by this time, which is $1.06 (1.24%) lower than the final value of the previous session. The day before, the contract fell in price by $1.33 (1.5%) to $85.59 per barrel.

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Even the US Department of Energy’s data published the day before that commercial oil reserves in the country fell by 5.4 million barrels last week could not support the oil market, while analysts expected a more moderate decline – by 1.9 million barrels.

Commodity stocks of gasoline increased by 2.21 million barrels, distillates – increased by 1.12 million barrels. Experts expected an increase in gasoline inventories by 200,000 barrels and a reduction in distillate inventories by 1 million barrels.

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