Oil falls on reserve data and uncertainties surrounding the renewal of the OPEC+ agreement
Oil prices are falling this morning - at 10:12 a.m. the Brent brand fell by 0.51% to $47.18, WTI - by 0.63% to $44.27. The negative dynamics was a reaction to the release of data on reserves from American Petroleum Institute (API). According to his report, last week's reserves increased by 4.15 million barrels. These figures almost twice exceeded the forecasts of analysts who expected this figure at 2.3 million barrels. The U.S. Department of Energy will present its statistics by the end of today - as analysts predict, its calculations will show an increase of 2.36 million barrels. Investors also estimate the prospects of OPEC+ agreement prolongation on oil production reduction. Yesterday, Monday, the OPEC meeting was held, at which players expected a decision on this issue, but this did not happen. The OPEC+ meeting was scheduled for today, at which the decision should also be taken not only by members, but also by OPEC allies, but it was postponed until Wednesday. According to experts from ANZ, there is a high probability that OPEC + will not be able to agree to extend the agreement, reports Reuters.