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Oil prices decline, and Brent is at $55.52 a barrel

28.01.2021,11:56

January 28, Fineko/abc.az. Prices for oil of benchmark grades are falling in Wednesday’s trading amid the expectations of lower demand for oil because of the grown incidence of Covid-19 and the current restrictive measures.

By 9:17 am, in the trading at on the London ICE Futures Exchange the price of March’s Brent crude oil futures dropped by $0.29 (0.52%) to $55.52 per barrel. At the end of trading on 27 January the Brent futures for March fell in price by $0.10 (0.18%) to $55.81 per barrel.

By 9:17 am, at the New York Mercantile Exchange (NYMEX) the March WTI oil futures decreased in price by $0.24 (0.45%) to $52.61 per barrel. At the end of trading on 27 January the WTI futures for March grew by $0.24 (0.46%) up to $52.85 per barrel.

Oil reserves in the U.S. decreased by 9.91 million barrels last week, according to U.S. Department of Energy’s weekly report, published yesterday.