Oil is getting cheaper

The price of March oil futures on the New York Mercantile Exchange (NYMEX) on January 24 was $29.05 per barrel. That's 52 cents lower than Jan. 23, according to Bloomberg. At the International Petroleum Exchange (IPE) in London, where the price of oil rose on Tuesday, trading on Wednesday also ended with prices for March Brent crude futures falling. The decline reached 41 cents, and the new contract price stopped at $26.26 per barrel. Russian Urals oil delivered to Mediterranean ports on Wednesday cost $25.99 per barrel, which is also 41 cents lower than Tuesday's price.

According to market participants, the reason for the gradual decline in prices is reports of the filling of US reserve storage facilities. According to the American Petroleum Institute (API), after a record decline in August last year, the country's oil reserves are now almost restored and their volume is only 1.1% lower than a year ago.

One cannot but rejoice at the fact that Iraq has made numerous promises to restore oil exports in full, as well as statements from non-OPEC countries such as Mexico and Norway that they are interested in maintaining a balance in the world oil supply. market.