Oil becomes cheaper due to a sharp increase of reserves in the US and an increase in the number of coronavirus cases, which has raised fears of oversupply and weakening demand. This is evidenced by the data of stock trading on the site Investing.com published on Wednesday, October 28.
In particular, the price of December futures for Brent oil on the London Stock Exchange ICE Futures is $ 40.49 per barrel, which is $ 0.71 (1.72%) lower than the closing price of the previous session.
At the same time, the price of futures for WTI oil in December at the electronic trading on the New York Mercantile Exchange NYMEX fell by $ 0.87 (2.20%) to the level of the previous session – to $ 38.70 per barrel.
The U.S. Petroleum Institute (API) reports that U.S. oil reserves rose from 4.6 million barrels to about 495,200,000 for the end of the week on Oct. 23, while analysts estimated they would rise in 1.2 million barrels.
“The rise in oil reserves in the United States, which exceeded forecasts, provoked a new sell-off, while fears of supply disruptions due to Hurricane Zeta have subsided,” said Hiroyuki Kikukawa, chief research officer at Nissan Securities.
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