Oil gets cheaper, and Brent is at $111.54 a barrel

20.05.2022,09:55

May 20, Fineko/abc.az. Prices for oil f benchmark grades are declining in Friday’s trading.

At the London ICE Futures Exchange the July’s Brent crude futures fell by $0.50 (0.45%) to $111.54 per barrel by 09:35 am. Following the trading on 19 May, the price of July’s Brent crude futures rose by $2.93 (2.69%) to $112.04 per barrel.

At the New York Mercantile Exchange (NYMEX) the July’s WTI oil futures decreased in price by $0.56 (0.51%) to $109.33 per barrel by 09:35 am. Following the trading on 19 May, the price of WTI oil futures for July increased by $2.89 (2.70%) to $109.89 per barrel.

Since early 2022 oil has risen in price more than by 40% due to the recovery of demand after the pandemic, as well as a to reduction in supply on the market because of the Russian-Ukrainian conflict.