Global oil prices on January 11 morning fell by 1% after unexpected data from the API on a strong increase in crude stocks in the US, Report informs referring to the auction data.
The price of March futures for Brent crude oil fell by 0.91% to $79.36 per barrel, February futures for WTI decreased by 1%, to $74.35.
The American Petroleum Institute (API) reported that commercial oil stocks in the country jumped by 14.87 million barrels in the week to January 6, while analysts, on the contrary, expected a decrease of 2.4 million barrels.
In addition, the US Department of Energy published its forecasts for the oil market on January 10. The department lowered its forecast for global oil demand in 2023 to 100.48 million barrels per day, in 2024 it expects consumption at 102.2 million barrels per day.
The forecast for average oil production in the US for the current year has been raised by 70,000 barrels per day to 12.41 million barrels. Next year, the department expects production at 12.81 million barrels per day.