Financial Analyst at BitRiver Vladislav Antonov explained the collapse in the price of Brent oil. In a conversation with Izvestia, he said that this happened after the release of data from the US Department of Energy.
“According to the latest report [Минэнерго США], in the week ending November 10, oil reserves in the country increased by 3.6 million barrels. A week earlier they rose by 13.87 million barrels. As a result, over two weeks, inventories increased by 17.5 million barrels. This exceeded the forecasts of analysts, who expected a slight increase in reserves,” the analyst said.
According to him, the technical picture indicates that the price could decline to $74.50. At the same time, the expert noted, given the ongoing geopolitical risks, a strong collapse should not be expected.
On the afternoon of Thursday, November 16, world oil prices began to decline sharply. Brent price collapsed to almost $77 per barrel. WTI fell below $73 per barrel. The decrease since the beginning of the day was about five percent. The last time quotes were at current levels was in early July.
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