Brent crude is trading below $40 a barrel again

Against the backdrop of deteriorating demand outlook due to the growing incidence of COVID-19 worldwide and new quarantine restrictions, oil prices continued to decline on Friday, Interfax reports.

The cost of January futures for Brent on the London ICE Futures exchange on Friday is $39.85 per barrel, which is $1.08 (2.64%) below the price at the close of the previous session. As a result of trading on Thursday, these contracts fell by $ 0.3 (0.7%) to $40.93 per barrel.

The price of December futures for WTI on the New York Mercantile Exchange (NYMEX) by this time is $ 37.68 per barrel, which is $1.11 (2.86%) below the level of the previous session. On Thursday, futures fell in price by $0.36 (0.9%) to $38.79 per barrel.

Since the beginning of this week, Brent has risen in price by 11%, WTI – by more than 8%, on expectations that the OPEC+ countries will postpone the lifting of some of the restrictions on oil production, scheduled for early next year.

Let us remind you that Libya has increased its production to 800 thousand barrels per day.

Earlier it was reported that Saudi Aramco's net profit fell by almost 47%.

Tags: oil, coronavirus, OPEC+, price, Brent, WTI, COVID-19, decline in production

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