Oil prices slid in a short time about three percent on Wednesday afternoon. The reason is higher oil inventory figures than expected in the United States.
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US crude oil stocks fell by 2.5 million barrels to 521.8 million barrels in the week leading up to July 8, they were expected to fall by 3 million barrels, according to Bloomberg.
comparison was expected that stocks would be down 3.0 million barrels, according to the median of estimates collected by Bloomberg News. Average estimate was a decline of 2.3 million barrels.
According to statistics from the American Petroleum Institute (API) on Tuesday night was US crude oil inventories up 2.2 million barrels last week.
Besides that crude inventories fall less than expected increase in gasoline inventories unexpectedly. Beforehand, it was estimated that they would fall by a percentage, instead they increased by over a percent.
Oil prices fell earlier in the day, but the Oslo Stock Exchange defied this slump and ended the day up 0.36 percent. Most of the drop in oil prices still came after the stock market closed.
Brent 1st position traded in 19 o’clock Wednesday night for $ 46.30 a barrel, down around four percent today.
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– on the way to balance
the international energy agency (IEA) believes that oil market is still heading for balance, but points out that the “modest decline” in prices in recent times compared to 45 dollars a barrel is a reminder that future developments can be volatile.
IEA also notes that there is still a worrisome investment gap that build up in the oil industry that could, depending on how quickly the current record high oil stocks are depleted, give rise to sharp increase in prices in the medium term.
it appears from IEA latest monthly report, published Wednesday: & lt; strong & gt; IEA: oil market ‘heading toward balance “
Since the oil price peaked at $ 115 a barrel in 2014, oil prices fell down to about $ 28 a barrel in January
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