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Oil gets cheaper after a jump up the day before, and Brent is at $72.05 per barrel

22.07.2021,14:31


July 22, Fineko/abc.az. Prices for oil of standard grades are declining in Thursday’s tarding amid the rapid spread of a new Covid-19 strain Delta around the world.

There are fears in the market that an increase in the incidence of diseases will lead to the new quarantine measures that will limit the demand for oil.

By 9:35 am, at the London ICE Futures Exchange the September’s Brent crude futures fell by $0.18 (0.25%) to $72.05 per barrel. Following the trading on 21 July the Brent crude futures for September increased in price by $2.88 (4.21%) up to $72.23 per barrel.

By 9:35 am, at the New York Mercantile Exchange (NYMEX) the price of the September’s WTI oil futures fell by $0.18 (0.26%) to $70.12 per barrel. Following the trading on 21 July the price of WTI futures for September grew by $3.10 (4.59%) up to $70.30 per barrel.

The report of the US Department of Energy, published on Wednesday, showed the first increase in country’s oil reserves in 9 weeks with decrease in gasoline and distillate reserves.

Oil reserves in the U.S. last week increased by 2.1 million barrels up to 439.7 million barrels. Gasoline reserves decreased by 100,000 barrels and distillates by 1.3 million barrels.