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Oil rises in price amid data about decline in U.S. inventories, and Brent is at $56.23 a barrel

27.01.2021,11:36

January 27, Fineko/abc.az. Prices for oil of standard grades are growing in Wednesday’s trading after American Petroleum Institute’s data showed a decline in U.S. inventories last week.

According to API’s report, U.S. oil inventories fell by 5.27 million barrels last week after their rise by 2.56 million a week earlier.

By 9:30 am, in the trading at the London ICE Futures Exchange the price of March’s Brent crude oil futures increased by $0.32 (0.57%) up to $56.23 per barrel. At the end of trading on 26 January the Brent futures for March rose in price by $0.03 (0.05%) up to $55.91 per barrel.

By 9:30 am, at the New York Mercantile Exchange (NYMEX) the March’s WTI crude futures grew in price by $0.33 (0.63%) up to $52.94 per barrel. At the end of trading on 26 January the WTI futures for March dropped by $0.16 (0.3%) to $52.61 per barrel.