Benchmark oil prices continue to decline on Thursday morning, showing negative dynamics for the third consecutive session, despite data on the reduction of fuel stocks in the United States.
The price of November futures for Brent on the London ICE Futures exchange at 8:09 a.m. is $92.86 per barrel, which is $0.67 (0.72%) lower than at the close of the previous session. On Wednesday, these contracts fell by $0.81 (0.9%) to $93.53 per barrel.
Quotations for November futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) by this time decreased by $0.68 (0.76%) to $88.98 per barrel. At the end of the previous session, they fell by $0.82 (0.9%) to $89.66 per barrel.
Commercial oil inventories in the United States last week decreased by 2.14 million barrels, according to the weekly report of the country’s Energy Ministry. Analysts surveyed by Bloomberg had predicted a decline of 1.7 million barrels.
Meanwhile, gasoline stocks fell by 831 thousand barrels, and distillate stocks decreased by 2.87 million barrels. Experts expected an increase in gasoline stocks by 1.1 million barrels and an increase in distillate stocks by 1.05 million barrels.
Oil reserves at the Cushing terminal fell by 2.1 million barrels. Meanwhile, the US Strategic Petroleum Reserve (SPR) was replenished by 600 thousand barrels.
“We do believe that some consolidation is warranted before the next upside move,” Tariq Zaheer, managing partner at Tyche Capital Advisors, told MarketWatch.
With Russia and Saudi Arabia cutting oil production by the end of the year, it is only a matter of time before Brent prices rise to $100 per barrel, he added.
According to Zaheer, “the rise in oil prices may be hindered by high oil prices, as they will put pressure on demand.”
