11:41 - 29.10.2020

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October 29, Fineko/abc.az. Oil prices are growing in Thursday’s trading after decrease by over 5% the day before.

This sharp drop was caused by data about an increase of oil inventories in the U.S., an increase in the incidence of Covid-19 in the world, and the return of quarantine measures in some countries.

The data from the U.S. Department of Energy showed growth by 4.3 million barrels in country’s oil inventories for the week ended on 23 October. Experts predicted an average increase in reserves by 200,000 barrels.

By 9:20 am, at the London ICE Futures Exchange the Brent crude futures for December rose in price by $0.03 (0.08%) to $39.15 per barrel. At the end of trading on 28 October the price of Brent crude futures for December fell by $2.08 (5.05%) to $39.12 per barrel.

By 9:20 am, at the New York Mercantile Exchange (NYMEX) the WTI crude futures for December rose by $0.10 (0.27%) to $37.49 per barrel. At the end of trading on 28 October the December WTI futures fell in price by $2.18 (5.51%) to $37.39.