Oil prices went down after rising to two-week highs

At the auction on Friday, benchmark oil prices are declining after rising to highs of more than two weeks, Interfax reports.

The cost of Brent September futures amounted to $75.6 per barrel, which is $0.45 (0.59%) lower than the price at the close of the previous session on the London ICE Futures exchange by 8:05 Kyiv time on Friday. As a result of trading on Thursday, the price increased by $1.31 (1.8%) to $76.05 per barrel.

By this time, WTI September futures price amounted to $73.19 per barrel, which is $0.42 (0.57%) below the final price of the previous session in electronic trading on the New York Mercantile Exchange (NYMEX). The day before, the price of these contracts increased by $1.23 (1.7%) to $73.62 per barrel.

On Thursday, both Brent and WTI showed the most significant one-day gains in dollar and percentage terms since July 22, hitting highs since July 13, according to the Dow Jones Market.

Both may end the current week with a rise of about 2%, Trading Economics writes.

The quotations were supported by data published earlier this week on the decline in US energy stocks.

Oil stocks in the United States fell by 4.1 million barrels last week, to the lowest level since January 2020, gasoline – by 2.3 million barrels.

Stocks in Cushing, where oil traded on the NYMEX is stored, decreased by 1.3 million barrels over the week.

“The US Department of Energy's report suggests that demand remains strong despite growing concerns about the rapid spread of the COVID-19 Delta both in the US and abroad,” Robbie Fraser, an analyst at Schneider Electric said.

Tags: oil, EU, USA, coronavirus, price, petroleum products, oil deliveries, oil reserves, economy, COVID‑19 vaccine

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