September 29, 2021

This is because the price of oil is falling again!

 Black commodities finally stopped gains by declining again on Wednesday after industry data showed an increase in U.S. oil supplies last week.

Entering the European session, Brent crude futures traded lower at $ 77.60 a barrel, falling around $ 3 after touching a three -year high of $ 80.75 a barrel.

US WTI, meanwhile, traded around $ 73.90 a barrel, down from a July high of $ 76.50 a barrel.

Data from the American Petroleum Institute (API) shocked the market after showing an increase of 4.1 million barrels in U.S. crude oil inventories in the week ended Sept. 24.

Investors are now waiting for data from the Energy Information Administration (EIA) to be published tonight. If the EIA confirms the increase, this will be the first increase in U.S. oil supplies in eight weeks.

Oil prices have risen sharply as the economy recovers from the pandemic and demand for fuel has risen, while some producing countries have experienced supply disruptions.