Oil prices go on sliding amid the news about an eventual growth in oil production in the USA.
Brent oil futures fell to 61.43 usd per barrel Wednesday morning, down 78 cents or 1.25% from their last value. Tuesday evening, 1 contract price fell to 62.21 per barrel, down 95 cents or 1.5% from the last value at the London ICE Futures.
WTI oil futures had dropped to 55.08 usd per barrel, by Tuesday morning, which is 62 cents or 1.11% lower than the previous value. By NYMEX’ closure on Monday evening, 1 contract price had fallen to 55.7 per barrel, down 1.06 usd or 1.87% from the last value.
The American Petroleum Institute reported the day before that the US oil stocks are growing. According to the report, they grew by 6.51 million barrels merely over the last week.
The USA has not confirmed this information yet. The US Department of Energy will publish official data today at 15:30 UTC. If an increase will be registered, it will be the highest recorded since the beginning of spring.
In the meanwhile, analysts expect that the report by Department of Energy will show a cut in production by 2.4 million barrels.