Brent price went up to $70.67 per barrel

On Thursday, oil quotations are rising after a significant drop the previous day on the data on the growth of fuel stocks in the US and disappointing statistics on the US labour market, Interfax reports.

By 8:10 Kyiv time, October Brent futures rose in price by $0.29 (0.41%) to $70.67 per barrel on the London ICE Futures exchange. On Wednesday, Brent went down by $2.03 (2.8%) to $70.38 per barrel.

WTI September futures by this time rose in price by $0.33 (0.48%) to $68.48 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX). During the previous session, the contract price decreased by $2.41 (3.4%) to $68.15 per barrel, dropping to the close of the market below $70 per barrel for the first time since July 20.

Traders are buying up cheaper raw materials after the fall in the value of futures of both brands following the results of the previous session, said S&P Global Platts.

According to the US Department of Energy, oil reserves in the country rose by 3.6 million barrels last week, which is the highest jump since the beginning of May.

The pressure on oil prices this week comes from the continued spread of the new COVID-19 Delta strain around the world, raising concerns among traders about the outlook for fuel demand, especially in China, the world's second-largest economy.

“There is particular nervousness in the oil market as travel restrictions imposed to fight the coronavirus are significantly undermining oil demand,” says Commerzbank analyst Barbara Lambrecht.

An additional negative factor for the oil market was the data released on Wednesday by the research organization Automatic Data Processing (ADP), which indicated an unexpected slowdown in employment growth in the US in July

Tags: oil, USA, jet fuel, Asia, coronavirus, stocks, petroleum products, oil deliveries, gasoline, pandemic, consumers, China

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