Oil cheapens slightly after rise up to 5-month peak, and Brent is at $45.23 a barrel


August 13, Fineko/abc.az. Benchmark oil prices in Thursday’s trading declined moderately after growth the day before up to the highest since March 2020 amid the data about the reduction of inventories in the U.S. for the third week in a row.

According to the US Department of Energy, published on Wednesday, oil reserves in the U.S. for the week ending 7 August decreased by 4.512 million barrels. Gasoline reserves decreased by 722,000 barrels and distillates by 2.322 million barrels. Oil reserves at the Cushing terminal grew by 1.336 million barrels.

At the same time, OPEC increased its estimate of falling oil demand growth in 2020 by 100,000 bpd (versus the estimate a month earlier) to 90.6 million bpd, according to the cartel's monthly report.

By 10:40 am, at the London ICE Futures Exchange the Brent crude futures for October fell in price by $0.20 (0.44%) to $45.23 per barrel. At the end of trading on 12 August the price of Brent oil futures for October rose by $0.93 (2.1%) up to $45.43 per barrel.

By 10:40 am, at the New York Mercantile Exchange (NYMEX) the WTI crude futures for September fell by $0.18 (0.42%) to $42.49 per barrel. Following the trading on 12 August the WTI oil futures for September rose in price by $1.06 (2.6%) to $42.67 per barrel.