Oil gets cheaper, and Brent is at $86.94 a barrel

21.01.2022,09:45


January 21, Fineko/abc.az. Prices for oil of standard grades are declining in Friday’s trading after the publication of data about an increase in energy reserves in the U.S.

By 9:36 am, at the London ICE Futures Exchange the March’s Brent crude futures fell by $1.44 (1.63%) to $86.94 per barrel. Following the trading on 20 January, the price of Brent crude futures for March decreased by $0.06 (0.07%) to $87.51 per barrel.

By 9:35 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for March fell in price by $1.58 (1.85%) to $83.97 per barrel. Following the trading on 20 January, the price of February’s WTI oil futures declined by $0.06 (0.07%) to $86.90 per barrel. The February’s contracts for WTI expired with the end of the session on Thursday.

According to the U.S. Department of Energy, country’s commercial oil reserves grew by 515,000 barrels last week to 413.8 million barrels. Gasoline inventories increased by 5.87 million barrels up to 246.62 million barrels. Commercial distillate stocks reduced by 1.43 million barrels up to 127.95 million barrels.

Bloomberg experts expected a decrease in oil reserves by 1.75 million barrels, an increase in gasoline reserves by 2.6 million barrels and a drop in distillate reserves by 1.3 million barrels.