09:53 - 30.07.2020

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July 30, Fineko/abc.az. Oil prices are weakly declining in Thursday’s trading after the rise the day before amid the news about the largest decline in US inventories since the beginning of this year.

By 9:05 am, at the London ICE Futures Exchange the price of Brent crude futures for September fell by $0.07 (0.16%) to $43.68 per barrel. At the end of trading on 29 July its price rose by $0.53 (1.23%) up to $43.75 per barrel.

By 9:05 am, at the New York Mercantile Exchange (NYMEX) the WTI crude futures for September fell by $0.06 (0.15%) to $41.21 per barrel. Following the trading on 29 July the contracts increased in price by $0.23 (0.56%) up to $41.27 per barrel.

According to data from the US Department of Energy, released yesterday, the oil reserves in the U.S. for the week ending July 24 fell by 10.6 million barrels, which is the most significant decline since the end of last December. Experts polled by S&P Global Platts, on average, expected a decrease in reserves by 1.2 million barrels.

Oil reserves in Cushing, where NYMEX-traded oil is stored, increased by 1.3 million barrels over the week. Oil production in the U.S. remained at the level of 11.1 million bpd.