Oil falls in price after soaring the day before, and Brent drops to $43.97 a barrel

11:54 - 22.07.2020


July 22, Fineko/abc.az. Prices for oil of standard grades declined in Wednesday’s trading amid the data about US inventories, published by the American Petroleum Institute (API).

According to API data, US oil reserves increased by 7.5 million barrels in the week ending on 17 July. The U.S. Department of Energy will release its weekly inventory report on Wednesday at 6:30 p.m.

By 9:33 am, at the London ICE Futures Exchange the price of Brent oil futures for September fell by $0.35 (0.79%) to $43.97 per barrel. At the end of trading on 21 July the Brent futures for September rose in price by $1.04 (2.4%) to $44.32 per barrel.

By 9:33 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for September fell in price by $0.40 (0.95%) to $41.52 per barrel. At the end of trading on 21 July the WTI contracts for August rose by $1.15 (2.8%) to $41.96 a barrel, September’s WTI rose by $1 up to $41.92 per barrel.

August’s WTI contract expired at the close of trading on Tuesday.

 

Other news