Brent went up to $75 per barrel

On Thursday, oil quotations are rising after increasing on Wednesday to two-week highs on data on the decline in US energy reserves, Interfax reports.

According to the Ministry of Energy of the country, oil reserves last week decreased by 4.1 million barrels, to the lowest level since January 2020, gasoline – by 2.3 million barrels.

Stocks at Cushing, where oil traded on the Nymex is stored, decreased by 1.3 million barrels over the week.

The declining stocks of oil, gasoline and distillates in the United States show that energy demand in the country remains strong, despite the renewed increase in the incidence of COVID-19.

By 8:10 Kyiv time, Brent September futures rose in price on the London ICE Futures exchange by $0.26 (0.35%) to $75 per barrel. During the previous session, Brent rose in price by $0.26 (0.4%) to $74.74 per barrel.

WTI September futures by this time rose in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.28 (0.39%) to $72.67 per barrel. On Wednesday, the contract rose by $0.74 (1%) to $72.39 per barrel.

"The oil market is likely to remain in limbo for a while," said Warren Patterson, an analyst at ING Groep in Singapore. "Uncertainty about the demand landscape remains as the incidence of COVID-19 continues to rise globally."

Tags: oil, USA, coronavirus, price, petroleum products, oil deliveries, oil reserves, economy, oil market, COVID‑19 vaccine

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