The price of Brent has fallen to a five-month low

The price of oil continues to decline, reaching a minimum of more than five months at $97.29 per barrel. The last time such indicators of Brent prices were recorded before the start of military operations of the Russian Federation on the territory of Ukraine, in February. 

The cost of North American WTI oil today is located near the $93.57 per barrel mark. 

Analysts note that the pressure on oil quotes was exerted by a report published yesterday from the US Department of Energy on oil reserves in the country. According to recent data, oil reserves increased by 3.25 million barrels. Gasoline reserves in the country also increased – by 5.8 million barrels, distillate reserves – by 2.7 million barrels.

The latest report of the International Energy Agency (IEA) also did not add positive to the market: the forecast for oil demand growth was lowered both for the current and for 2023. 

Moreover, in recent days, the United States, together with its allies, have been discussing the «ceiling» of the marginal price of Russian oil at the level of $40 to $60. And although the parties have not yet come to a concrete decision, the debate itself introduces significant uncertainty about the future dynamics of the oil market.