InstaForex

October 7, 2021

Because of this factor, oil prices are falling again!

 Oil prices fell again after being shocked by an increase in more -than -expected U.S. crude oil supplies and impressed by Russia’s offer to ease the crisis in the oil market.


US WTI traded down at $ 76.70 a barrel after falling more than 1% from the latest 7 -year high of $ 79.80 a barrel it reached in the previous session.


Brent crude traded down $ 80.70 a barrel, after rising to $ 83 a barrel in the previous session.



The Energy Information Administration (EIA) reported an increase in U.S. crude oil supplies of 2.3 million barrels last week, compared to expectations for a decline of 418,000 barrels.


Meanwhile, a statement by Russian President Vladimir Putin who said the country's readiness to stabilize the global energy market also affected crude oil trade.


Putin also said that natural gas would be exported to Europe this year to help ease the energy crisis the continent is facing.


The problem of supply shortages has led to a spike in gas prices to recent highs, putting pressure on Europe, especially the UK.