Today, on February 21st, oil prices are declining. In particular:
· On ICE Futures exchange in London, the price of the April futures on Brent oil is down by $1,25. The current price is $114,35/b.
· The price of the April futures on WTI oil in New York is down by $1,16 down to $94,06/b.
The market is still retracing and consolidating after the recent strong rally. Yesterday’s API data showed an increase in the US crude oil inventories. They increased by 2.96 million barrels within a week.
The chart below, courtesy of , reflects the current state of affairs in the market of WTI oil:
