SINGAPORE (dpa-AFX) – Oil prices continued to fall on Thursday. A barrel (159 liters) of North Sea Brent cost $91.99 in the morning. That was 87 cents less than the day before. The price of a barrel of American West Texas Intermediate (WTI) grade fell by $1.04 to $84.55.
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Reports of the reopening of a section of the Druzhba oil pipeline, Europe’s largest crude oil pipeline, put pressure on oil prices.
On the other hand, an unexpectedly sharp drop in oil reserves in the USA was not able to support the prices in the morning. On Wednesday, the US government reported that inventories of crude oil had fallen by 5.4 million barrels over the past week. This is the sharpest weekly drop in oil reserves since August. The slump was more than twice what the market had previously expected./jkr/mis/mis