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Cost of oil has grown, and Brent is traded above $69 a barrel

05.05.2021,11:16


May 5, Fineko/abc.az. Prices for oil of standard grades are increasing in Wednesday’s trading, anticipating an increase in the demand and an easing of coronavirus restrictions in the U.S. and Europe.

The market is also affected by the data published yesterday by the American Petroleum Institute, which showed a decrease in oil reserves in the U.S. last week by 7.7 million barrels.

By 11:02 am, in the trading at the London ICE Futures Exchange the July’s Brent crude futures rose by $0.53 (0.77%) up to $69.41 per barrel. Following the trading on 4 May the price of Brent crude oil futures for July grew by $1.32 (1.95%) up to $68.88 per barrel.

By 11:02 am, at the New York Mercantile Exchange (NYMEX) the price of the June’s WTI oil futures rose by $0.49 (0.75%) up to $66.18 per barrel. At the end of trading on 4 May the WTI futures for June increased in price by $1.20 (1.86%) up to $65.69 per barrel.