Oil cheapens, and Brent is at $73.10 a barrel

16.07.2021,11:02


July 16, Fineko/abc.az. Prices for oil of standard grades are declining in Friday’s trading after significant decline in the previous session.

By 10:49 am, at the London ICE Futures Exchange the September’s Brent crude futures fell by $0.37 (0.50%) to $73.10 per barrel. Following the trading on 15 July the Brent crude futures for September decreased in price by $1.29 (1.73%) to $73.47 per barrel.

By 10:49 am, at the New York Mercantile Exchange (NYMEX) the price of the August’s WTI oil futures dropped by $0.36 (0.50%) to $71.29 per barrel. Following the trading on 15 July the price of WTI futures for August fell by $1.48 (2.03%) to $71.65 per barrel.

The attention of the oil market remains on the situation with the incidence of Covid-19 in the world. There is a fear that the rapid spread of the new Delta strain may lead to the introduction of new quarantine restrictions in various regions of the world and weaken the demand for oil.