Global oil prices are declining today due to the American Petroleum Institute report. Based on the API, raw material inventories unexpectedly rise.
In this case, the price of May futures for North Sea Brent Crude oil declined by 0.5%, that is, to $ 64.14, while April futures fell by 0.49%, namely to $ 65.05 per barrel. The price of April futures for WTI also declined by 0.78%, reporting to 61.19 per barrel.
Contrary to oil’s data, the USDX futures, which reflects the ratio of the US dollar to a basket of six major currencies, increased by 0.10%, reaching the level of $ 90.093.
Market participants assess the recent data from the American Petroleum Institute. According to which, US oil reserves rose by 1.026 million barrels during the previous week. Experts forecasted a decline of 5.4 million barrels. On Friday, the official report of the US Department of Energy will be published. According to the analysts’ expectations, the reserves will likely decline by 5.2 million barrels.
The negative dynamics of oil prices is also due to the correction after rising to the highs. On Monday, oil’s quotes surged by 3-4%, and then strengthened by another 0.3% the next day. It should be noted that hopes for a recovery in the global economy hit by the COVID-19 pandemic and OPEC+ measures to stabilize supply are driving the market higher.
The material has been provided by InstaForex Company – www.instaforex.com