Oil trades below $40 a barrel again

Oil prices are falling during trading on Friday under the pressure of the data on the US stocks published yesterday and concerns about demand, Interfax reports.

The cost of November futures for Brent oil on the London ICE Futures exchange on Friday is $39.91 per barrel, which is $0.15 (0.37%) below the price at the close of the previous session. As a result of trading on Thursday, these contracts fell by $0.73 (1.8%).

Futures for WTI crude oil for October in electronic trading on the New York Mercantile Exchange (NYMEX) by this time amounted to $37.20 per barrel, which is $0.10 (0.27%) below the level of the previous session. On Thursday, these contracts fell in price by $0.75 (2%).

At the same time, futures may show a weekly decline for the second time in a row.

The US commercial oil inventories increased by 2.03 million barrels last week, according to a weekly report from the country's energy ministry.

The deterioration in trader sentiment is also associated with signs of another escalation of tensions between Washington and Beijing and worries about sluggish demand due to the continuing increase in the number of coronavirus infections.

Tags: contracts, oil, hydrocarbon production, USA, energy market, авиатопливо, добыча нефти, coronavirus, OPEC+, OPEC, negotiations, agreement, oil products, oil deliveries, gasoline, infrastructure, energy sector, quarantine, Brent, WTI, pandemic, COVID-19, energy security, decline in production, oil companies, oil reserves, power system, crisis, economy, market, oil production, supplier, consumers, oil market

Read also

Brent went up to $56.26 per barrel
Biden plans on limiting oil drilling in US federal states
Brent went down to $55.57 per barrel