Benchmark crude oil is trading at lower prices. Experts say that there are several reasons for this. First, this is how stock exchanges reacted to reports of the oil reserves in the United States. According to the U.S. Energy Information Administration, oil reserves in the country grew by almost 3 million barrels in a week. Investors also fear tightening of quarantine measures in Europe and delays in COVID-19 vaccine deliveries. Oil demand has also been negatively affected by the blockage of the Suez Canal due to a grounded container ship. Nevertheless, oil has risen in price by 20 percent since the beginning of the year, Bloomberg reported. In the long term, oil demand will also be maintained.
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