11:24 - 28.10.2021

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October 28, Fineko/abc.az. Prices for oil of standard grades continue to decline amid the data about the growth of oil reserves in the U.S. last week.

By 11:15 am, at the London ICE Futures Exchange the December’s Brent crude futures fell by $0.77 (0.91%) to $83.81 per barrel. Following the trading on 27 October, Brent crude futures for December fell in price by $1.82 (2.11%) to $84.58 per barrel.

By 11:15 am, at the New York Mercantile Exchange (NYMEX) the WTI crude futures for December decreased in price by $0.73 (0.88%) to $81.93 per barrel. Following the trading on 27 October, the price of December’s WTI oil futures fell by $1.99 (2.35%) to $82.66 per barrel.

According to U.S. Department of Energy’s weekly report, country’s commercial oil reserves grew by 4.27 million barrels last week to 430.81 million barrels,  gasoline inventories decreased by 1.99 million barrels to 215.75 million barrels, and commercial distillate reserves by 432,000 barrels to 124.96 million barrels.

Experts expected a rise increase in oil reserves by 2 million barrels, a decrease in gasoline reserves by 2.24 million barrels and a drop in distillate reserves by 2.25 million barrels.

The data from the American Petroleum Institute, published earlier, showed that oil reserves in the U.S. increased by 2,318 million barrels last week after a jump of 3.294 million a week earlier. Oil reserves are increasing for the fifth week in a row.