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Oil price rises, and Brent is at $44.67 a barrel

12.08.2020,11:41


August 12, Fineko/abc.az. Benchmark oil prices are rising on Wednesday amid data from the American Petroleum Institute about a decline in U.S. inventories over the past week.

According to the API, oil reserves in the U.S. in the week ending August 7, decreased by 4.4 million barrels. Oil reserves at the Cushing terminal increased by 1.1 million barrels.

By 9:15 am, at the London ICE Futures Exchange the Brent crude futures for October rose in price by $0.17 (0.38%) to $44.67 per barrel. At the end of trading on 11 August the price of Brent oil futures for October decreased by $0.49 (1.1%) to $44.50 per barrel.

By 9:15 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for September rose by $0.10 (0.24%) to $41.71 per barrel. Following the trading on 11 August the WTI oil futures for September fell in price by $0.33 (0.8%) to $41.61 per barrel.

The monthly report of the US Department of Energy (EIA) says that the price of Brent oil in the 2nd half of 2020 will be $43 per barrel and in 2021 - $50 per barrel.

The EIA also lowered its estimate of oil production in the country in 2020 by 370,000 b/d to 11.3 million b/d. The forecast for 2021 has been raised from 11 million bps to 11.1 million bps. In 2019 the average daily oil production in the U.S. was 12.2 million b/s.