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Oil cheapens and may end second week with a price decline, and Brent is at $39.93 a barrel

11.09.2020,11:05


September 11, Fineko/abc.az. In the course of the trading on Friday the oil prices are falling amid the data on US inventories published the day before and concerns about demand.

By 9:30 am, at the London ICE Futures Exchange the Brent crude futures for November fell in price by $0.13 (0.32%) to $39.93 per barrel. At the end of trading on 10 September the price of Brent crude oil fell by $0.73 (1.79%) to $40.06 per barrel.

By 9:30 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for October decreased by $0.08 (0.21%) to $37.22 a barrel. Following the trading on 10 September the WTI crude oil dropped in price by $0.75 (1.97%) to $37.30 per barrel.

At the same time, oil prices may show a fall for the second week in a row.

According to the weekly report of the US Department of Energy, country’s commercial oil reserves grew by 2.03 million barrels last week. Gasoline reserves decreased by 2.95 million barrels and distillates by 1.68 million barrels.

According to the American Petroleum Institute’s yesterday-published data, US oil reserves for the week ended on 4 September increased by 3 million barrels, distillates by 2.3 million barrels, while gasoline stocks fell by 6.9 million barrels.