Global oil prices down 2% amid rising stocks in US

Global oil prices fell by 2% on January 21 morning on the statistics of an increase in its reserves in the United States, Report informs referring to the auction data.

The price of March futures for Brent crude fell by 1.87% to $86.73 per barrel, March futures for WTI decreased in price by 2.1% to $83.77 per barrel.

Investors continue to evaluate statistics on oil reserves in the US from the country’s Energy Department.

Thus, commercial oil reserves in the US (excluding the strategic reserve) for the week ended January 14 rose by 0.5 million barrels, or 0.1%, to 413.8 million barrels. Analysts, on the contrary, expected a decline of 0.9 million barrels.

However, oil may rise in price in the near term, despite the unexpected rise in US inventories, as the global market remains tight, the Wall Street Journal reported.