Oil started to rise after falling the day before

On Wednesday afternoon, oil prices accelerated their growth after falling to lows for more than 2 weeks the day before. This drop was caused by the news that the US presidential administration intends to sell some of the oil from the country's strategic reserves (15 million barrels) in response to OPEC+ decision to reduce oil production by 2 million barrels per day from November. 

The current price of Brent oil is $91.27 per barrel. WTI oil rose to $84.19 per barrel. The day before, Brent fell by 1.7%, and the price of WTI fell by 3.1%.

However, analysts believe that the current local growth is a temporary phenomenon. The oil market will continue to be under pressure while the US sells off its reserves. It is expected that the American president may make a similar decision repeatedly this winter. 

The release of resources is aimed at curbing the rise in fuel prices at gas stations in the United States and for oil in the world as a whole. In total, it is planned to release 180 million barrels of «black gold». At the moment, the US strategic oil reserve is at the lowest level since 1984, which is about 400 million barrels of oil.

At the same time, the potential for growth remains in the oil market amid traders' concern about the supply. The fact is that the EU embargo on energy supplies from Russia comes into force in December, and the G7 countries continue to work on the ceiling of prices for Russian oil. These factors will eventually be able to support oil prices at sufficiently high levels.