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Oil prices fall, and Brent is at $55.44 a barrel

22.01.2021,11:13

January 22, Fineko/abc.az. Oil prices are decreasing in Friday’s trading amid the prospect of falling oil demand due to the ongoing increase in the Covid-19 incidence around the world.

Traders are waiting for data from the U.S. Department of Energy about oil reserves in the U.S., which this week will be released on Friday. According to the American Petroleum Institute, U.S. crude inventories rose by 2.56 million barrels last week.

By 9:35 am, at the London ICE Futures Exchange the price of March’s Brent crude oil futures fell by $0.66 (1.18%) to $55.44 per barrel. At the end of trading on 21 January the Brent futures for March rose in price by $0.02 (0.04%) up to $56.10 per barrel.

By 9:35 am, at the New York Mercantile Exchange (NYMEX) the March WTI crude futures fell in price by $0.66 (1.24%) to $52.47 per barrel. At the end of trading on 21 January the WTI futures for March fell by $0.18 (0.34%) to $53.13 per barrel.