Oil prices go down on sharp growth in US stockpiles
Baku, Azerbaijan, Feb.2
By Leman Zeynalova – Trend:
World oil prices are decreasing on Feb.2 on the report released by the US Energy Department about the growth of crude stockpiles in the country.
The price of April futures for Brent crude oil has dropped by 0.30 percent to $56.63 as of 02:38 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has decreased by 0.43 percent and stood at $53.65 per barrel.
The commercial crude stocks in the US (excluding the strategic reserve) grew by 6.5 million barrels and stood at 494.8 million barrels over the week ending Jan.27, according to the data of the Energy Department.
This is while the analysts expected US crude stocks to rise only by 3.3 million barrels to 491.6 million barrels.
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