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Oil gets cheaper, and Brent is at $73.19 a barrel

31.08.2021,11:21


August 31, Fineko/abc.az. Oil prices of reference grades are declining at the auction on Tuesday. The market is waiting for the next OPEC+ meeting, which is scheduled for 1 September.

At the end of July, the OPEC+ countries decided to increase production by 400,000 b/d every month and agreed to hold monthly consultations to assess the market situation.

By 9:20 am, at the auction on the London ICE Futures Exchange the October’s Brent crude futures fell by $0.22 (0.30%) to $73.19 per barrel. Following the trading on 30 August, the price of Brent oil futures for October increased by $0.71 (0.98%) up to $73.41 per barrel.

By 9:20 am, at the New York Mercantile Exchange (NYMEX) the price of the October’s WTI oil futures dropped by $0.12 (0.17%) to $69.09 per barrel. Following the trading on 30 August, the October’s WTI oil futures rose in price by $0.47 (0.68%) up to $69.21 per barrel.