Oil is corrected after a sharp fall on Wednesday
Oil prices this morning showed a slight increase after yesterday's collapse by 5-6%. At 10:14, the Brent rose 0.03% to $39.65 and WTI added 0.08% to $37.42. Yesterday, oil reserves in the United States were released, which triggered a sharp drop in quotations last night. According to statistics, the volume of commercial reserves for the past week increased by 4.3 million barrels, which is almost four times higher than analysts' forecasts. Also, the country's oil production figures jumped to 11.1 million b/s (an increase of 1.2 million b/s). The second wave of coronavirus continues to exert pressure on prices, which leads to tightening of quarantine in different countries. Following Spain and Great Britain, the strengthening of the regime was announced in the USA France and Germany. Hurricane Seth's approach to the U.S. state of Louisiana is now contributing to the correction in the stock exchanges. According to the country's national hurricane tracking center, it increased to 2 last night categories. Due to the situation, local producers are reducing oil and gas production, which supports price growth.