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Oil cheapens, and Brent is at $55.44 a barrel

26.01.2021,11:37


January 26, Fineko/abc.az. Oil prices are lowering in Tuesday’s trading amid the deterioration of forecasts on the oil demand due to the continued high incidence of Covid-19 and slow vaccination.

Bloomberg informs that new outbreaks of the disease in China threaten the demand for oil in the country, which traditionally increases during the celebration of the New Year on the Lunar calendar.

By 9:36 am, in the trading at the London ICE Futures Exchange the price of March’s Brent crude oil futures fell by $0.44 (0.79%) to $55.44 a barrel. At the end of trading on 25 January the Brent futures for March grew in price by $0.47 (0.85%) up to $55.88 per barrel.

By 9:36 am, at the New York Mercantile Exchange (NYMEX) the March’s WTI oil futures decreased in price by $0.40 (0.76%) up to $52.37 per barrel. At the end of trading on 25 January the WTI futures for March rose by $0.50 (0.96%) up to $52.77 per barrel.