Benchmark oil prices increase after four days of decline

During trading on Wednesday, prices for benchmark oil rose after falling for four days in a row, Interfax reports.

By 8:13 am Kyiv time Brent October futures increased in price by $0.23 (0.33%) up to $69.26 per barrel on the London stock exchange ICE Futures. On Tuesday, their price fell by $0.48 (0.7%), reaching $69.03 per barrel at the close. This is the lowest level since July 19, according to Dow Jones Market Data.

In the morning, WTI September futures rose by $0.25 (0.38%) to $66.83 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). As a result of the previous session, the price dropped by $0.7 (1%), ending the day at around $66.59 per barrel, the minimum since August 9.

Over the past four days, WTI has fallen in price by almost 4%, Bloomberg said. The last time such a long period of continuous decline in quotations was in March.

The data released on Tuesday by the American Petroleum Institute (API) indicated a drop in the US oil stocks last week by 1.2 million barrels, gasoline – by 2 million barrels.

Tags: oil, USA, price, petroleum products, oil pipeline, oil companies, oil reserves, economy, market, oil market

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