empty
 
 
18.02.2021 12:53 PM
Oil prices are steadily growing

World oil prices have increased by an average of 1%. The main reason for this is the decline in reserves of raw materials in the United States.

This image is no longer relevant

To put it more precisely, April Brent futures jumped by 1.17% and hit $ 65.09 per barrel. March WTI futures, on the other hand, increased by 0.95% and reached $ 61.72 per barrel.

This image is no longer relevant

According to the American Petroleum Institute (API), oil reserves in the US dropped by 5.8 million barrels last week, much higher than the forecasted 2.2 million. Data for this week will be released later in the evening, and experts suggest that it will report another drop of approximately 2.43 million.

In any case, oil prices have increased quite sharply amid a severe cold weather in the United States. This natural phenomenon has decreased, if not halted, oil production in Texas, reducing it by a third, or about 3.5 million barrels per day. Before the onset of the cold snap, US was producing around 11 million bpd.

But even if the frost led to a strong price increase, it is still not enough to bring oil to new records.

Irina Maksimova,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback