Oil falls in cost, and Brent is at $75.24 a barrel

08.12.2021,10:36


December 8, Fineko/abc.az. Prices for oil of standard grades are declining in Wednesday’s trading, after an increase following the previous session.

By 9:25 am, at the London ICE Futures Exchange the February’s Brent crude futures fell by $0.20 (0.27%) to $75.24 per barrel. Following the trading on 7 December, Brent crude futures for February increased in price by $2.36 (3.23%) up to $75.44 per barrel.

By 9:25 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for January declined in price by $0.23 (0.32%) to $71.82 per barrel. Following the trading on 7 December, the price of January’s WTI oil futures grew by $2.56 (3.68%) up to $72.05 per barrel.

As follows from the data of the monthly forecast of the Department of Energy Information Administration (EIA), the US Department of Energy has lowered the forecast of Brent prices for 2022 from $72 to $70 a barrel.

Also, the US Department of Energy reduced the forecast of global demand for liquid hydrocarbons for 2022 from 101 million b/d to 100.5 million b/d.