Oil price falls, and price of Brent drops to $41.91 a barrel

10:09 - 8.09.2020


September 8, Fineko/abc.az. Oil prices are lowering on Tuesday amid signals that the demand will remain weak.

By 9:15 am, at the London ICE Futures Exchange the Brent crude futures for November decreased in price by $0.10 (0.24%) to $41.91 per barrel. Following the results of trading on 7 September the price of Brent crude futures for November declined by $0.65 (1.5%) to $42.01 per barrel.

By 9:15 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for October fell by $0.81 (2.04%) to $38.96 per barrel. On Monday, trading at the NYMEX exchange was not held due to the weekend in the United States.

Saudi Aramco reported last weekend that the price of Arab Light for Asia, the largest regional market of Saudi Aramco, will be reduced for the second month in a row - by $1.4 per barrel. As a result, it will cost $0.8 less than a basket of oil from Oman and Dubai. Oil of grades Arab Super Light and Arab Extra Light for Asian customers will fall by $1.5 per barrel, and Arab Heavy-by $0.9 per barrel.

According to commodity analysts, the decline in Saudi Aramco oil prices shows that the recovery in demand is not guaranteed to anyone.

 

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