Brent crude is trading below $42 per barrel

Oil prices are declining on Wednesday morning, investors are evaluating statistics from the American Petroleum Institute (API), Angi reports.

On Wednesday morning, the price of November futures for Brent crude oil fell by 0.67%, to $41.44 per barrel, and November futures for WTI – by 0.88% to $39.45.

Bidders estimate the latest API data, according to which US oil stocks increased by 0.7 million barrels last week. Official data from the US Department of Energy will be released in the evening.

The growing number of coronavirus cases in many countries has renewed fears over fuel demand as an increase in the rate of illness threatens new quarantine restrictions.

Meanwhile, the National Oil Corporation of Libya (NOC) announced the lifting of the emergency regime from the country's largest oil port. This will enable NOC to resume production and export to global markets.

Tags: contracts, oil, hydrocarbon production, legislation, EU, USA, energy market, авиатопливо, Азия, добыча нефти, drilling, коронавирус, OPEC+, OPEC, The Ministry of Economy, agreement, oil products, oil deliveries, gasoline, infrastructure, energy sector, quarantine, Brent, WTI, pandemic, oil pipeline, COVID-19, decline in production, oil companies, oil reserves, crisis, market, oil production, supplier, consumers, oil market, Africa

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