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Oil price rises amid hopes of oil demand restoring, and Brent is at $45.20 a barrel

11.08.2020,11:45


August 11, Fineko/abc.az. Benchmark oil prices continued growing in Tuesday’s trading after Saudi Aramco’s CEO Amin Nasser stated about expected recovery in demand in the markets.

Argus reports that on Sunday Nasser said that the demand in China for gasoline and diesel fuel has almost returned to the level seen before the COVID-19 pandemic.

According to Nasser, the demand is now about 90 million bpd. He predicts its growth to 95-96 million bpd by the end of the year.

By 9:30 am, at the London ICE Futures Exchange the Brent crude futures for October rose in price by $0.21 (0.47%) to $45.20 per barrel. At the end of trading on 10 August the price of Brent oil futures for October rose by $0.59 (1.33%) to $44.99 per barrel.

By 9:30 am, at the New York Mercantile Exchange (NYMEX) the WTI crude futures for September rose by $0.32 (0.76%) to $42.26 per barrel. Following the trading on 10 August the WTI oil futures for September rose in price by $0.72 (1.75%) up to $41.94 per barrel.