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Oil cheapens, and Brent is at $51.21 a barrel

18.12.2020,11:36


December 18, Fineko/abc.az. Oil prices are declining in Friday’s trading, but finish with growth the seventh week at a run

By 9:35 am, at the London ICE Futures Exchange the price of February’s Brent crude futures fell by $0.29 (0.56%) to $51.21 a barrel. At the end of trading on 17 December the Brent futures for February increased in price by $0.42 (0.82%) up to $51.50 per barrel.

By 9:35 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for January fell in price by $0.20 (0.41%) to $48.16 per barrel. At the end of trading on 17 December the WTI oil futures for January grew by $0.54 (1.13%) up to $48.36 per barrel.

Edward Moya, chief market analyst at Oanda, thinks that the increase in oil prices in the last few weeks is caused by the beginning of the spread of vaccines, the decline in oil reserves, the continuation of high demand in Asia and the weakening of the US dollar.