Oil cheapens, and Brent is at $40.66 a barrel


September 30, Fineko/abc.az. Oil prices are decreasing in Wednesday’s trading amid concerns about the demand. The U.S. Department of Energy is expected to publish a weekly report on the country's oil reserves.

By 9:16 am, at the London ICE Futures Exchange the Brent crude futures for November fell by $0.37 (0.90%) to $40.66 per barrel. At the end of trading on 29 September the price of Brent oil futures for November slumped by $1.40 (3.3%) to $41.03 per barrel. The period of November’s contracts for Brent expires with completion of Wednesday’s trading.

By 9:16 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for November declined in price by $0.26 (0.66%) to $39.03 per barrel. Following the trading on 29 September the November WTI futures dropped by $1.31 (3.23%) to $39.29 per barrel.

The American Petroleum Institute (API) reported on Tuesday that oil reserves in the U.S. in the week that ended on 25 September decreased by 831,000 barrels. According to API data, gasoline stocks grew by 1.6 million barrels and distillates reduced by 3.4 million barrels. Oil reserves at the Cushing terminal increased by 1.6 million barrels.