Brent price drops below $43 per barrel

Oil prices are falling on the morning of July 8 due to the data of the American Petroleum Institute (API) about an unexpected increase in the US stocks of raw materials. It is reported by Angi.

At 7:53 a.m. in Kyiv, the price of September futures for Brent crude oil fell by 0.35% to $42.93 per barrel. August futures for WTI crude oil fell by 0.42% to $40.45 per barrel.

Bidders evaluate the latest API data, according to which oil reserves in the US last week grew by 2 million barrels, while analysts expected a decrease.

Investors also drew attention to the report of the US Department of Energy, which raised forecasts for the average oil production in the country by the end of the current year by 70 thousand barrels per day to 11.63 million, and by 2021 by 170 thousand barrels to 11.01 million barrels per day.

In addition, the oil company Abu Dhabi ADNOC intends to increase oil exports next month, while OPEC+ production cuts should decrease.

Tags: contracts, oil, hydrocarbon production, USA, авиатопливо, добыча нефти, коронавирус, foreign affairs, ОПЕК+, OPEC, agreement, oil products, oil deliveries, gasoline, quarantine, Brent, WTI, pandemia, Saudi Arabia, COVID-19, oil companies, oil reserves, crisis, The Ministry of Energy, economy, market, oil production, supplier, consumers

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