Oil corrects after sharp drop on Wednesday
Oil prices show a slight increase this morning after yesterday's collapse by 5 - 6%. At 10:14 am Brent rose by 0.03% to $ 39.65, WTI added 0.08% to $ 37.42. Yesterday was published data on oil reserves in the United States, which provoked a sharp drop in quotations in the evening. According to statistics, the volume of commercial stock for the last week grew by 4.3 million barrels, which is almost four times higher than analyst forecasts. Also in the country, the figures jumped on oil production - up to 11.1 million barrels per day (an increase of 1.2 million barrels per day). The second wave of coronavirus continues to exert pressure on prices. entailing a tightening of quarantine in various countries. Followed by for Spain and Great Britain, the tightening of the regime was announced in France and Germany. Now the correction on the stock exchanges is facilitated by the approaching hurricane "Seta" to the American state of Louisiana. According to the national center hurricane tracking countries, it increased to 2 categories. Due to the situation, local producers are reducing production of oil and gas, which supports the rise in prices.