Oil prices vary

Global oil prices showed no single dynamics due to various factors, Report informs.

The price of March futures for Brent crude oil fell by 0.12%, to $83.62 per barrel, while February futures for WTI rose by 0.05%, to $81.26.

On January 12 night, the American Petroleum Institute (API) announced a decline in US oil reserves for the week to January 7 by 1.077 million barrels, while analysts expected a decline of 1.95 million. Official data on reserves in the country will later be published by the US Department of Energy.

A positive factor for oil prices was the report of experts that oil production in Libya increased after it reopened its Sahara oil field, but exports from some of the country’s shipping terminals may be closed due to bad weather.

In addition, traders are evaluating the Energy Information Administration (EIA) forecast of the US Department of Energy. Thus, the EIA predicts that global oil consumption in the world will grow by 3.6 million barrels per day, to 100.5 million barrels per day in 2022 and by 1.8 million barrels per day, to 102.3 million barrels per day in 2023.