US, WASHINGTON (ORDO NEWS) — Oil prices continued to fall on Wednesday after a record quarterly and monthly loss in history, as excess stocks in the US that exceeded expectations and a widening split within OPEC increased concerns about the market being oversaturated.
Futures for Brent crude oil fell 3.6% to $ 25.41 per barrel against 9:06 Moscow time, and WTI – 1.8% to $ 20.11 per barrel.
At the end of the quarter, futures collapsed by almost 70%.
According to the American Petroleum Institute (API), US oil inventories rose 10.5 million barrels to 461.9 million for the week ended March 23, while analysts predicted they would grow 4 million barrels.
“Market sentiment remains gloomy as there is no clarity about how long the pandemic will last,” said Hiroyuki Kikukawa of Nissan Securities.
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