Oil prices show slight multidirectional dynamics

World oil prices on Wednesday morning showed a slight multidirectional dynamics after rising on Tuesday, according to trading data.

Report informs citing Prime that as of 8:50 am (Baku time), January futures for Brent crude fell 0.12% to $82.21 per barrel. January futures for WTI rose 0.13% to $78.6 per barrel.

US President Joe Biden on Tuesday announced the release of 50 million barrels of oil from the strategic reserve to reduce the price of this crude. At the same time, China, India, Japan, South Korea, and Great Britain will also use the national strategic reserves in parallel with the United States.

However, this has not yet led to a drop in prices. On the contrary, after the announcement of the White House, oil prices shifted to active growth. As a result of trading, Brent and WTI rose by 3.3% and 2.3%, respectively.

On Wednesday night, the American Petroleum Institute (API) reported an increase in US oil reserves for the week to November 19 by 2.3 million barrels, while analysts expected the indicator to decline. Official data on last week's reserves in the country will be published later by the US Department of Energy.