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Oil rises in value, and Brent is at $75.63 a barrel

16.09.2021,10:54


September 16, Fineko/abc.az. Prices for oil of standard grades keep on growing in Thursday’s trading after the rise the day before – Brent jumped by 2.5% and WTI by 3%. The cause of the price increase is in the data of the U.S. Department of Energy on sharp reduction in country’s energy reserves.

According to the U.S. Department of Energy, commercial reserves of raw materials in the country decreased by 6.4 million barrels last week. Their volume declined for the seventh week running. Gasoline reserves reduced by 1.9 million barrels and distillates by 1.7 million barrels.

By 9:18 am, at the London ICE Futures Exchange the November’s Brent crude futures rose by $0.17 (0.23%) up to $75.63 per barrel. Following the trading on 15 September, the price of Brent oil futures for November grew by $1.86 (2.53%) up to $75.46 per barrel.

By 9:18 am, at the New York Mercantile Exchange (NYMEX) the price of October’s WTI oil futures rose by $0.16 (0.22%) up to $72.77 per barrel. Following the trading on 15 September, the price of October’s WTI oil futures jumped by $2.15 (3.05%) up to $72.61 per barrel.

According to Bloomberg agency’s expert, under such conditions, oil prices will continue to rise, and concerns about the prospects for demand caused by COVID-19 fade into the background.