The rise in US oil prices has expired after peaking since 2014.

Oil in the USA cheaper by more than 1%. The increase in raw material prices expires after earlier this week's quotations have reached the highest levels since 2014. The list of strategists that expect US$100 per barrel of oil is growing this year," the brokers say.

West Texas Intermediate oil supply for March costs US$84.08 at NYMEX in New York, lower by 1.71%, after falling by over 3% earlier.

Brent on the ICE in London in deliveries for March is valued at $87.02 per barrel, lower by 1.54%.

The negative moods in the fuel markets have been contributed, among others, by oil stock data in the US, which indicated the first increase in reserves of this raw material in 8 weeks, and White House comments that it may be working to accelerate the release of further oil from the strategic reserve (SPR).

On Thursday, the U.S. Department of Energy (DoE) reported in its official report that oil stocks increased by 515,000 barrels in the last week. In turn, gasoline stocks increased by 5.87 million barrels compared to expected growth by 2.6 million barrels.

Meanwhile, the White House reported that the U.S. could accelerate the acceleration of the release of oil from its strategic reserves (SPR), reported the Director of the National Economic Council at the White House Brian Deese.

"We can accelerate the supply of raw material from reserves to the market by cooperating with other oil-using countries," said Bloomberg TV Deese.

"We can work with countries around the world that produce oil to actually meet their stated production targets," he added.

Analysts point out that after the big rise in oil prices this week now is the time for "chill-out".

"This week we have seen large increases in oil prices, so it is no wonder that we are now seeing declines," says Daniel Hynes, Senior Strategy for Raw Materials Markets at Australia & New Zealand Banking Group Ltd.

"The prospects for oil prices are still quite clear, nothing has changed substantially," he adds.

The International Energy Agency reported this week that the demand for oil in the world has proven to be resilient despite the rapid spread of the Omikron coronavirus variant.

The Goldman Sachs strategize that in Q3 2022 Brent's oil price will reach $100 per barrel. They have already been joined by analysts Morgan Stanley, who are also expecting Brent oil prices of US$100 per barrel this year, compared to the previously estimated $90/b.

Morgan Stanley estimates that by the end of this year oil stocks in the world will decline even more, after a significant decline in 2021, and spare oil supply capacity will decrease to 2 million barrels a day from the current 3.4 ml b/d.

Source: PAP