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Oil price rises amid data about decline in U.S. inventories, and Brent is at $51.26 a barrel

30.12.2020,11:37


December 30, Fineko/abc.az. Oil prices are growing in Wednesday’s trading after the publication of data from the American Petroleum Institute (API) about the decline in U.S. inventories last week.

According to the API, oil stocks in the country decreased by 4.79 million barrels.

The U.S. Department of Energy will publish on Wednesday an official report about country's energy reserves for the past week. According to Bloomberg, experts on average predict that reserves will reduce by 3.1 million barrels.

By 9:22 am, at the London ICE Futures Exchange the price of February’s Brent crude futures grew by $0.17 (0.33%) up to $51.26 per barrel. At the end of trading on 29 December the Brent futures for February increased in price by $0.23 (0.45%) up to $51.09 per barrel.

By 9:22 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for February rose in price by $0.25 (0.52%) up to $48.25 per barrel. Following the results of trading on 29 December the WTI oil futures for February increased by $0.38 (0.80%) up to $48 per barrel.