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Oil drops in cost, and Brent is at $62.84 a barrel

08.04.2021,10:37


April 8, Fineko/abc.az. Benchmark oil prices are falling in Thursday’s trading, despite data about a decline in inventories in the U.S.

The U.S. Department of Energy reported on Wednesday a decline in oil reserves in the country last week by 3.52 million barrels. Gasoline inventories rose by 4.04 million barrels.

The increase in gasoline inventories raises concerns in the market that an increase in the number of Covid-19 cases could further worsen the demand outlook.

By 9:33 am, at the London ICE Futures Exchange June’s Brent crude futures fell by $0.32 (0.51%) to $62.84 per barrel. Following the trading on 7 April the price of Brent crude oil futures for June rose by $0.42 (0.67%) up to $63.16 per barrel.

By 9:33 am, at the New York Mercantile Exchange (NYMEX) the price of the May WTI oil futures fell by $0.37 (0.62%) to $59.40 per barrel. At the end of trading on 7 April the WTI futures for May grew in price by $0.44 (0.74%) up to $59.77 per barrel.