Oil deepened its losses yesterday following an accumulation of crude in the United States last week well above estimates and the surprise decision of the American government to release millions of additional barrels from its strategic reserve. In the early evening yesterday, a barrel of Brent from the North Sea for delivery in April lost 1.82% to 84.02 dollars. Its American equivalent, a barrel of West Texas Intermediate (WTI) for delivery in March, fell 2.21% to 77.30 dollars. Commercial crude oil reserves took off by 16.3 million barrels last week in the United States, according to figures released yesterday by the US Energy Information Agency (EIA). This is their eighth consecutive weekly increase, amid weaker demand. On Monday, the US government announced a sale of 26 million barrels from US strategic reserves (SPR), to comply with a law passed in Congress nearly a decade ago, still weighing on prices. .
Oil deepened its losses yesterday following an accumulation of crude in the United States last week well above estimates and the surprise decision of the American government to release millions of additional barrels from its strategic reserve. In the early evening yesterday, a barrel of Brent from the North Sea for delivery in April lost 1.82% to 84.02 dollars….
