World oil prices fall by almost 1%

World oil prices on Wednesday morning fell by 0.8%, Report informs.

On Wednesday night, the American Petroleum Institute (API) reported a solid weekly increase in US oil stocks.

The price of April futures for Brent crude fell by 0.82% to $84.88 per barrel, and March futures for WTI dropped by 0.83% to $78.4.

According to the API, commercial oil stocks in the US jumped by 10.5 million barrels in the week to February 10. Analysts had expected growth of only 0.3 million barrels.

Official US Department of Energy data on reserves will be published in the evening. Analysts predict that the ministry will report only 1.7 million barrels of growth in stocks for the week.

Investors also continue to evaluate the news that the US authorities plan to sell 26 million barrels of oil from the strategic reserve in April-June. At the same time, forecasts for oil demand are constrained by fears of a possible recession because the world's central banks continue to raise rates amid high inflation.

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World oil prices fall by almost 1%