Brent fell to $92.30 per barrel

Oil prices continued to decline on Thursday morning, showing negative dynamics for the third session in a row. Prices are falling even despite data on the reduction of fuel reserves in the United States.

The current Brent quote is $92.72 per barrel. During the day, prices declined to $92.28. North American WTI oil is now trading near $88.90 per barrel, the daily low is $88.40.

Yesterday, statistics from the US Department of Energy on crude oil reserves in the country were published. Commercial stocks have decreased by 2.14 million barrels over the past week, while analysts had forecast a decrease in stocks by 1.7 million barrels.

At the same time, gasoline reserves decreased by 831 thousand barrels, and distillate reserves – by 2.87 million barrels. Experts expected an increase in gasoline reserves by 1.1 million barrels, and distillates – by 1.05 million barrels.

Oil reserves at the terminal in Cushing fell by 2.1 million barrels. The US Strategic Oil Reserve (SPR) has been replenished by 600 thousand barrels.

Analysts note that the current correction is fully justified before the next price surge upwards. They believe that given the current reduction in oil production by Russia and Saudi Arabia, it is only a matter of time before Brent reaches the level of $100 per barrel. At the same time, it is high oil prices that can prevent the price increase, since they reduce the demand for petroleum products.