Prices of oil dropped on Friday, retracting from the peaks last seen in 2015, as climbing US output damaged a rise of 10% from December’s low figures that was pushed up by supply cuts and political issues in oil producing Iran.
US WTI futures got down to $61.81 for a barrel this morning, which is 0.3% down from the last settlement. Yesterday it attained $62.21, the highest since the middle of 2015.
Brent futures lost the same 0.3% falling to $67.88 per barrel. Yesterday it moved up to its highest $68.27 since the middle of 2015.
Prices of oil have been largely propped up by the output reduction initiated by OPEC and Russia, which began in the first month of 2017 and is planned to go on this year, and by solid economic rise and financial markets.
These measures had due effect on markets. US commercial oil inventories C-STK-T-EIA lost 7.4 mln barrels over the week to December 29, with the remainder of 424.46 mln barrels, as the Energy Information Administration figures demonstrate.
It’s 20% less than the record level reached in March, 2017, and keeps near the average of 5 years, which equals 420 mln barrels.