Oil rises in cost, and Brent is at $71.18 a barrel

01.12.2021,11:02


December 1, Fineko/abc.az. Prices for oil of standard grades are increasing in Wednesday's trading amid the data about decline in U.S. oil reserves last week.

According to the American Petroleum Institute (API), oil reserves in the U.S. decreased by 747,000 barrels over the past week.

By 09:25 am, at the London ICE Futures Exchange the February’s Brent crude futures grew by $0.61 (0.86%) up to $71.18 per barrel. Following the trading on 30 November the Brent crude futures for February declined in price by $2.87 (3.91%) to $70.57 per barrel.

By 09:25 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for January rose in price by $1.75 (2.64%) up to $67.93 per barrel. Following the trading on 30 November, the price of January’s WTI oil futures slumped by $3.77 (5.39%) to $66.18 per barrel.