Oil prices drop

Global oil prices on October 28 morning fell by about 1% after a noticeable increase for three days, reported from the auction data.

The price of January futures for Brent crude fell by 1.03% to $94.05 per barrel, December futures for WTI - by 1.28% to $87.95.

The positive dynamics of oil prices was mainly due to expectations and the release of statistics on stocks in the US. Thus, gasoline inventories fell by 1.5 million barrels, although analysts expected a decline of only 0.8 million barrels. At the same time, the strategic oil reserve in the US decreased by 3.4 million barrels, or 0.8%, to 401.7 million barrels, which is the lowest level since May 1984.

In addition, the US GDP in the third quarter, according to preliminary estimates, grew by 2.6% on an annualized basis, although analysts had expected growth of the indicator by only 2.4%. Thus, the markets eased fears about the beginning of a global recession, which could cause a decrease in demand for oil.

www.anews.az