Crude oil fell on Thursday as higher supplies in the United States due to forecasts of a less severe winter and a crisis in global energy pushed prices to a three-year high in the session from $86 a barrel.
Winters are expected to be below average for much of the US, according to an assessment by the National Oceanic and Atmospheric Administration released Thursday morning.
“Reports indicating drought and warm conditions in the southern and eastern United States are putting pressure on the campus,” said Bob Yeager, director of Energy Futures at Mizuho.
Brent crude oil fell $1.21 to $84.61 after hitting a session high of $86.10, which is also the highest level since October 2018. US crude oil (WTI) declined by $0.92 to end at $82.50.
Prices rose on Wednesday after the US Energy Information Administration reported tight oil and fuel reserves, with reserves at the Cushing, Oklahoma, storage center falling to a three-year low. [EIA/S]
The Organization of the Petroleum Exporting Countries and Allies, collectively known as OPEC+, and supported by a slow growth in supply fueled by a global coal and gas crisis, saw Brent prices rise sharply this year by more than 60%. Due to which the generators of energy have become. To switch on the oil.