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Oil: Prices fall as crude inventories rise

04/11/2021
Categories: Raw materials

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In the USA, crude oil inventories are increasing much more than expected, while prices are falling. As for gasoline reserves, they fell by 1.4 million barrels.

Crude prices reacted brutally to this publication, the barrel of West Texas Intermediate (WTI), the benchmark variety in the United States, falling back up to 3.38% compared to the previous day's close before rebounding slightly. . The barrel of Brent from the North Sea hit its lowest point since October 13, before recovering somewhat, too. Around 3:10 p.m. GMT, the WTI dropped 3.14% and the Brent 2.61%.

According to figures released Wednesday by the US Energy Information Agency (EIA), commercial crude oil reserves in the United States rose again significantly more than expected last week, sending prices falling. . During the week ended October 29, crude inventories rose 3.3 million barrels to 434.1 million barrels, while analysts had forecast a rise of 2.25 million barrels on the period. As for gasoline reserves, they fell by 1.4 million barrels, more than expected by the market, which forecast 1.25 million.

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