Oil has fallen in price to a minimum since the beginning of October and continues to fall

Oil has fallen in price to the minimum marks from the beginning of October and continues to fall. It is reported by Marketwatch.

So, the January futures for oil brands Brent fell by 0.35% to $ 80 per barrel. On Wednesday, their price fell by 2.6% and amounted to the closing of $ 80.28 per barrel, which is the lowest level from October 7. Futures quotes on WTI variety for December decreased by 0.86% to $ 77.69 per barrel. According to the results of the previous session, their price collapsed 3% to $ 78.35 per barrel, this is a minimum from October 1.

According to the analysts of the publication, the market continues to respond to the fact that the US presidential administration Joe Biden is considering the possibility of selling oil from a strategic reserve. In addition, the possibility of a similar step from China is discussed.

“Despite the optimistic report of the American Ministry of Energy, the market reacted negatively, since it evaluated the potential reaction from the Biden administration. The Biden administration clearly announced its desire to achieve lower oil prices, and the market evaluates what it can do to contain prices, taking into account a very limited number of tools in its arsenal, ”the publication quoted by the financial director of Velandra Energy Partners, Manisha Raja.

Oil reserves in the United States last week decreased by 2.1 million barrels - to 433 million barrels. The reserves of gasoline decreased by 707 thousand barrels, distillates - by 824 thousand barrels.