Oil falls in price, and Brent is at $42.30 a barrel

11:17 - 14.10.2020


October 8, Fineko/abc.az. The prices for oil of benchmark grades are decreasing in Wednesday’s trading amid concerns that the demand for oil can drop because of the increased rate of Covid-19 cases throughout the world.

By 9:20 am, at the London ICE Futures Exchange the Brent crude futures for December fell by $0.15 (0.35%) to $42.30 per barrel. At the end of trading on 13 October the price of Brent crude futures for December grew by $0.73 (1.75%) up to 42.45 per barrel.

By 9:20 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for November dropped in price by $0.16 (0.40%) to $40.04 per barrel. At the end of trading on 13 October the November WTI futures grew in price by $0.77 (1.95%) up to $40.20 per barrel.

The global oil demand is expected to fall by 9.5 million bpd this year versus 2019 that is almost the same as the estimate made a month earlier, OPEC says in its October’s report.

 

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