10:57 - 11.02.2021

---

February 11, Fineko/abc.az. Cost of oil of standard grades is lowering in Thursday’s trading after a jump the day before.

US Department of Energy’s data shows a decline in country’s oil reserves to the lowest level since March. U.S. crude inventories fell by 6.6 million barrels last week.

By 9:33 an, at the London ICE Futures Exchange the price of April’s Brent crude oil futures fell by $0.32 (0.52%) to $61.15 per barrel. At the end of trading on 10 February the Brent futures for April increased in price by $0.38 (0.62%) up to $61.47 per barrel.

By 9:33 am, at the New York Mercantile Exchange (NYMEX) the price of March’s WTI oil futures decreased by $0.32 (0.55%) to $58.36 per barrel. At the end of trading on 10 February the WTI futures for March grew by $0.32 (0.55%) to $58.68 per barrel.

Citigroup’s experts expect that by the end of 2021 the price of Brent will rise up to $70 per barrel, as the current OPEC+ agreement restricts supply, and demand is growing faster than expected.