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Oil is declining after yesterday's strong growth


March, 24 2023
watermark Economic news

On Friday, oil prices started to decline sharply after yesterday's rise to the level of $77.25 per barrel. The current quote of Brent oil is $73.10, the cost of North American WTI oil is located near the level of $67.20 per barrel. 


Analysts note that the oil market reacted with a decline to the willingness of the Federal Reserve System to further raise interest rates. Investors fear that this could lead to a recession in the American economy. 


Additional pressure on prices was exerted by the report of the US Department of Energy, according to which commercial oil reserves in the country unexpectedly increased by 1.12 million barrels last week – to 481.18 million barrels. Experts expected a decrease in oil reserves by 1.8 million barrels.


Gasoline reserves at the same time fell by 6.4 million barrels, distillates – by 3.31 million barrels. Analysts predicted a more moderate reduction: by 2.36 million and 1.5 million, respectively. 


In general, the oil market shows increased volatility against the background of the banking crisis in the West. In addition, stock speculators react to statements by the US government about the need to restore the country's strategic oil reserve.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.