Oil prices fall amid fears of market oversaturation due to US stock growth
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.
According to Reuters estimates, nearly 800,000 people worldwide were infected with coronavirus, more than 38.800 people died.
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