Oil has grown in price, and Brent is at $64.59 a barrel

11:21 - 14.04.2021


April 14, Fineko/abc.az. Prices for oil of standard grades are increasing in Wednesday’ trading, after the release of data from the American Petroleum Institute about decline in U.S. inventories.

The American Petroleum Institute estimates that the country's oil reserves fell by 3.61 million barrels last week. A week earlier, the decline was 2.62 million barrels.

By 11:00 am, at the London ICE Futures Exchange the June’s Brent crude futures increased by $0.65 (1.45%) up to $64.59 per barrel. Following the trading on 13 April the price of Brent crude oil futures for June increased by $0.39 (0.62%) up to $63.67 per barrel.

By 11:00 am, at the New York Mercantile Exchange (NYMEX) the price of the May’s WTI oil futures grew by $0.92 (1.46%) up to $61.06 per barrel. At the end of trading on 13 April the WTI futures for May rose in price by $0.48 (0.81%) up to $60.18 per barrel.

The market is also supported by optimistic expectations regarding the prospects for oil demand. According to the new OPEC forecast, global oil demand in 2021 will grow by 5.95 million b/d, and not by 5.89 million b/d, as previously predicted – the oil consumption will reach 96.46 million b/d this year against the previous estimate of 96.27 million b/d.

 

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