10:20 - 6.11.2020

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November 6, Fineko/abc.az. Oil prices continued to decline in Friday’s trading amid the worsening of the demand prospects in connection with the growing number of Covid-19 diseases worldwide and new quarantine measures.

By 9:30 am, at the London ICE Futures Exchange the Brent crude futures for January fell in price by $1.01 (2.47%) to $39.92 per barrel. At the end of trading on 5 November the January Brent futures fell by $0.30 (0.73%) to $40.93 per barrel.

By 9:30 am, at the New York Mercantile Exchange (NYMEX) the WTI crude futures for December decreased in price by $1.02 (2.63%) to $37.77 per barrel. At the end of trading on 5 November the December WTI futures fell by $0.36 (0.92%) to $38.79.

The U.S. presidential election still remain in the center of attention, the result of the election has not been announced. According to the latest data, democratic candidate Joe Biden is ahead of Trump, gaining 264 electoral votes of the electoral college out of the necessary 270, with 214 votes for Trump.

Since the beginning of this week Brent has risen by 11% and WTI by more than 8%, amid the expectations that the OPEC+ countries will postpone the oil production cut lifting, scheduled for early 2021.