World Oil Prices Continue to Go Down

World oil prices continue to go down, with the WTI down to $ 23 a barrel - a price the market last saw on March 6, 2002.

As of 7:19 pm Bulgarian time, the price of the May futures of the Brent North Crude fell to 11.7% to $ 25.37 a barrel. The price of the May futures of WTI oil fell 17.23% to $ 22.62 a barrel.

Oil quotes are being pressured by the US Department of Energy's statistics on "black gold" reserves in that country. Last week, they rose by 2 million barrels to 453.7 million. Analysts expected an increase of 3.3 million barrels.

According to the Joint Petroleum Statistics Initiative, in January the US increased oil production by 1.5% to 12.779 million barrels per day.