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Oil cheapens because of concerns about surplus in market, Brent is at $40.36 per barrel

11.06.2020,10:11


June 11, Fineko/abc.az. Oil prices declined on Thursday amid fears of an oversupply with little demand and rising of inventories in the U.S.

By 9:15 am, at the London ICE Futures Exchange the Brent crude futures for August fell by $1.37 (3.28%) to $40.36 per barrel. At the end of trading on 10 June the price of Brent oil contracts for August increased by $0.55 (1.34%) up to $41.73 per barrel.

By 9:15 am, at the New York Mercantile Exchange (NYMEX) the WTI futures for July fell in price by $1.51 (3.81%) to $38.09 per barrel. At the end of trading on 10 June the price of the July WTI futures increased by $0.66 (1.7%) up to $39.60 per barrel.