Oil continues to fall in price following a slump the day before amid expectations of new data on the reserves of US energy resources, according to MarketWatch.
Brent futures for March settlement dropped to $69.04/bbl Wednesday morning, which is 11 cents or 0.16% lower than the previous value. At the same time, 1 contract cost dropped to $69.15/bbl on Tuesday evening at ICE Futures Europe, which is 1.11 usd or 1.6% lower than the previous value.
WTI futures for February settlement dropped to $63.57/bbl Wednesday morning, which is 10 cents or 0.16% lower than the previous value. At the same time, 1 contract cost fell to $63.73/bbl on Tuesday evening at NYMEX, which is 57 cents or 0.9% lower than the previous value
According to Michael Hiley, head of over-the-counter energy trading at LPS Futures LLC, long positions in oil should be closed now.
At the same time, analysts think that prices can rise again against a backdrop of investors buying up oil when the price’s falling.