“Brent” crude price falls | Report.az
The oil prices have started to fall as the American Petroleum Institute (API) released data on an unexpected weekly climb in U.S. crude supplies on Wednesday, Report informs, referring to RIA Novosti.
As of 8:53 a.m. (GMT +4), the Brent crude price dropped by 0.35% to $42.93 a barrel, Report informs. WTI crude price decreased by 0.42% to $40.45 a barrel.
The traders act like this based on data by API. The analysts say the supplies will decline. U.S. Department of Energy will release the official data in the evening. According to the analysts, the Department will announce a 3.11 million barrels drop.
Investors also considered the U.S. Department of Energy’s forecasts on average oil production at the end of this year. The Department has forecasted that the daily output will rise 70,000 barrels to 11.63 million barrels in 2020, 170,000 barrels to 11.01 million barrels in 2021.
Moreover, Reuters said on Tuesday that Abu Dhabi National Oil Company (ADNOC) intended to increase oil export next month.