Baku, Azerbaijan, Feb.24
By Leman Zeynalova – Trend:
World oil prices are declining Feb.24 after the report about the growing volume of US crude inventories over the last week.
The price of April futures for Brent crude oil has decreased by 0.71 percent to $56.18 per barrel as of 04:48 EST. The price of April futures for West Texas Intermediate (WTI) oil has dropped by 0.57 percent to $54.14 per barrel.
US crude stocks grew by 564,000 barrels over the week ending on Feb.17, according to the country’s Energy Information Administration (EIA). This is while analysts expected an increase of 3.5 million barrels.
The commercial crude stocks in the US (excluding the strategic reserve) have increased by 9.5 million barrels or 1.9 percent and stood at 518.1 million barrels over the week ending Feb.10.
In its This Week in Petroleum Report, EIA said that the WTI price was $53.41 per barrel on February 17, or $0.43 below last week’s price but $23.82 above a year ago.
---
Follow the author on Twitter: @Lyaman_Zeyn