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World oil prices have increased by an average of 1%. The main reason for this is the decline in reserves of raw materials in the United States.
To put it more precisely, April Brent futures jumped by 1.17% and hit $ 65.09 per barrel. March WTI futures, on the other hand, increased by 0.95% and reached $ 61.72 per barrel.
According to the American Petroleum Institute (API), oil reserves in the US dropped by 5.8 million barrels last week, much higher than the forecasted 2.2 million. Data for this week will be released later in the evening, and experts suggest that it will report another drop of approximately 2.43 million.
In any case, oil prices have increased quite sharply amid a severe cold weather in the United States. This natural phenomenon has decreased, if not halted, oil production in Texas, reducing it by a third, or about 3.5 million barrels per day. Before the onset of the cold snap, US was producing around 11 million bpd.
But even if the frost led to a strong price increase, it is still not enough to bring oil to new records.
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