April futures contracts for Brent crude oil have already dropped by 0.47% to $61.61 per barrel, while April futures contracts for WTI crude oil were down by $0.65 to $45.58 per barrel.

According to the U.S. Department of Energy, commercial oil reserves in the country increased over February 16-20 by 8.4 million barrels, amounting to 434.1 million barrels - the highest level in 80 years, while the analysts predicted an increase in oil reserves only by 3.98 million barrels.

Experts believe that the oil prices are not far from bottoming out.