Brent price went down to $68.47

Prices for benchmark oil are falling during trading on Thursday, Interfax reports.

The market is under pressure due to the strengthening of the US dollar. The ICE index, which tracks the dynamics of the dollar against six currencies, rose 0.4% the day before. The indicator changes slightly on Thursday.

The cost of July Brent futures on the London ICE Futures exchange by 8:08 a.m. Kyiv time on Thursday amounted to $68.47 per barrel, which is $0.4 (0.58%) lower than the price at the close of the previous session. As a result of trading on Wednesday, these contracts rose by $0.22 (0.3%) up to $68.87 per barrel.

The price of WTI crude oil futures for July in electronic trading on the New York Mercantile Exchange (NYMEX) by this time is $ 65.87 per barrel, which is $ 0.34 (0.51%) below the final value of the previous session. The day before, the value of these contracts increased by $0.14 (0.03%) up to $66.21 per barrel.

Oil prices on Wednesday were supported by data from the US Department of Energy, which showed a decrease in oil reserves in the country last week by 1.66 million barrels. Gasoline stocks decreased by 1.74 million barrels, distillates – by 3.01 million barrels.

US gasoline demand rose 3% to 9.48 million barrels per day.

Meanwhile, investors await the outcome of talks on Iran's nuclear program in Vienna. Reaching the deal could lead to the lifting of sanctions against Iran's oil industry, as a result, production in the country could return to 3.9 million bpd by next year.

“Depending on what the agreements on easing sanctions against Iran will be and how soon they will be reached, oil prices can change dramatically in any direction. A complete lifting of the sanctions could trigger a sharp drop in prices, but this is still highly unlikely,” Edward Moya said, senior market analyst at Oanda.

Tags: oil, USA, coronavirus, foreign affairs, negotiations, price, petroleum products, gasoline, economy, oil market

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