Oil prices continue to decline

After a recent hike on data on declining US oil stocks, oil prices fell on Thursday, Interfax-Ukraine reports.

The market is under pressure from the deteriorating prospects for the global economic recovery and, accordingly, the demand for oil due to the renewed increase in the incidence of COVID-19 in many countries, writes Dow Jones.

The cost of November futures for Brent oil on the London ICE Futures exchange is $41.36 per barrel, which is $0.41 (0.98%) below the price at the close of the previous session. As a result of trading on Tuesday, these contracts rose by $0.05 (0.1%) to $41.77 per barrel.

The price of November futures for WTI at electronic trading on the New York Mercantile Exchange (NYMEX) is $39.42 per barrel, which is $0.51 (1.28%) below the level of the previous session. On Tuesday, futures rose in price by $0.13 (0.3%) to $39.93 per barrel.

Oil prices are likely to remain under pressure in the near future, as the market is very sensitive to the coronavirus situation, and especially to news about restrictive measures taken to contain the spread of Covid-19, experts at AxiCorp say.

According to the report of the US Department of Energy, released the day before, commercial oil reserves in the country last week decreased by 1.64 million barrels to 494.41 million barrels.

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