Benchmark oil prices decline slightly during trading

By 8:02 am Kyiv time November Brent futures went down by $0.15 (0.2%) to $75.52 per barrel on the London ICE Futures exchange. On Thursday, their price rose by $0.21 (0.3%) and amounted to $75.67 per barrel at the close, the maximum since the end of July, according to Dow Jones Market Data, Interfax reports.

In the morning, WTI November futures fell by $0.12 (0.17%) to $72.49 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). As a result of the previous session, their price did not change and amounted to $72.61 per barrel, which is the highest since July 30.

Since the beginning of this week, both grades of oil have risen in price by about 4%.

Commerzbank experts expect that the tense situation with oil supplies in the world market will continue until the end of this year, despite the planned OPEC+ increase in production, according to The Wall Street Journal.

According to their forecasts, the price of Brent will be around $75 per barrel at the end of 2021 and then will drop to $70 per barrel next year.

According to the US Bureau of Safety and Environmental Control, in the Gulf of Mexico, after the passage of Hurricane Ida in late August, the operation of the capacities providing about 28% of oil production has not yet been restored.

Tags: oil, USA, OPEC+, price, petroleum products, oil deliveries, gasoline, Brent, WTI, oil reserves, economy, oil market

Read also

Naftogaz wants to increase oil production
Brent went up to $84.5 per barrel
Brazilian president wants to privatize oil and gas company Petrobras