The collapse of the price of Brent oil explained

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.

Music News First

Music News First is a Articles Publish Website. We publish Music News Articles Around the World.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button