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Data on US crude oil inventories puts pressure on oil prices

After a brief recovery, crude oil prices have fallen significantly following the publication of the figures on US oil reserves. The postponement of the OPEC meeting is also having a negative impact on oil prices.

After recovering somewhat in recent days, oil prices came under renewed pressure on Wednesday due to the publication of data on crude oil and distillate reserves in the United States. Contrary to the expected increase of 1.16 million barrels, reserves rose by 8.701 million barrels compared to the previous week. Petrol stocks also rose by 0.749 million barrels against an expected decline of -0.150 million barrels. The price of a barrel of Brent crude fell below the mark of $80 in the meantime. It has since risen above this mark again and is trading at around $81.60 per barrel. US WTI fell to $73.85, but has since recovered to just under $77 per barrel.

The postponement of the OPEC meeting scheduled for the coming weekend to 30 November is also unsettling the market. Although no reason was provided for the postponement, according to Bloomberg there are disagreements between the OPEC members about the oil cartel's production policy. This is apparently due to the fact that some members do not want to follow the example of Saudi Arabia, which has already voluntarily reduced its production volume. If this becomes reality and is implemented, it could exert considerable pressure on oil prices in addition to concerns about the global economy.


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