Oil prices keep on falling, and Brent is at $60.79 a barrel

10:59 - 12.02.2021


February 12, Fineko/abc.az. Prices for oil of standard grades continue decreasing in Friday’s trading because of deterioration of the forecasts of the International Energy Agency (IEA) and OPEC on the occasion of the oil demand.

In 2021, OPEC expects oil consumption to grow by 5.8 million b/d (by 100,000 b/d less than the forecast of the previous month) to 96.05 million b/d. The IEA lowered its forecast for global oil demand in 2021 by 100,000 b/d to 5.4 million b/d.

By 9:43 am, in the trading at the London ICE Futures Exchange the price of April’s Brent crude oil futures fell by $0.35 (0.57%) to $60.79 per barrel. At the end of trading on 11 February the Brent futures for April fell in price by $0.33 (0.54%) to $61.14 per barrel.

By 9:43 am, at the New York Mercantile Exchange (NYMEX) the price of the March’s WTI oil futures decreased by $0.37 (0.64%) to $57.87 per barrel. At the end of trading on 11 February the WTI futures for March dropped by $0.44 (0.75%) to $58.24 per barrel.

 

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