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Oil is recovering moderately after yesterday's drawdown

August, 14 2024
watermark Economic news

Oil prices are showing growth on Wednesday after a significant two percent drop the day before. The current quote for Brent crude is $81.30 per barrel. Yesterday, the price fell from the level of $82.20 to $80.50 per barrel. 


The market was supported by data from the American Petroleum Institute (API), which showed a significant reduction in oil reserves in the United States. According to the ministry, reserves decreased by 5,205 million barrels last week.


The official statistics on energy reserves in the United States will be published today at 17:30 Moscow time.


What else to pay attention to? 


The International Energy Agency (IEA) recently confirmed the forecast of global oil demand growth in 2024 at 970 thousand barrels per day, which means a slowdown compared to the previous year, when demand growth exceeded 2 million barrels per day. 


This is due to the expected decrease in oil consumption in China. OPEC also revised its forecasts, lowering estimates of oil demand growth for 2024-2025 due to the weakening of the Chinese economy.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.