Oil prices drop significantly

World oil prices fell on Wednesday on the American Petroleum Institute (API) news about the lower-than-expected reduction of its reserves in the country, Report informs.

The price of Brent February futures fell by 1.04%, to $72.93 per barrel, while WTI January futures fell in price by 1.23%, to $69.86.

On Wednesday night, API announced a weekly decline of 0.815 million barrels in the US oil reserves, while analysts expected a drop of 2.6 million.

Besides, investors are evaluating a report by the International Energy Agency (IEA). The agency predicts that global oil production in December will outpace demand thanks to growth in the US and OPEC + countries. As this upward trend continues into 2022, the US, Canada and Brazil appear to produce oil at the highest annual levels, leading to an increase in total non-OPEC + oil production by 1.8 million barrels per day in 2022, the agency said.