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World oil prices are falling
The cost of December futures for WTI crude oil fell on the New York Mercantile Exchange (NYMEX) by $ 0.56 (-1.43%) to $ 38.59 per barrel. On Wednesday, these futures rose $ 1.49 (+ 4%) to $ 39.15 a barrel.
The market is focused on the US presidential election. The counting of votes continues. According to the latest data, Democratic nominee Joe Biden is ahead of incumbent GOP nominee Donald Trump with 264 electoral college votes out of the 270 needed. Trump secured 214 votes.
The US Department of Energy said the day before that US oil reserves fell by 8 million barrels last week to 484.4 million barrels. Stocks in Cushing, where oil traded on the NYMEX is stored, increased by 936 thousand barrels to 60.9 million barrels.
Oil production in the United States decreased last week by 600 thousand barrels per day, to 10.5 million b/d.
Gasoline inventories in the United States increased by 1.5 million barrels to 227.7 million barrels, distillate stocks decreased by 1.6 million barrels to 154.6 million barrels.