Oil gets cheaper, and Brent is at $89.27 a barrel

09:20 - 3.02.2022

February 3, Fineko/abc.az. Prices for oil of standard grades are declining in Thursday’s trading amid the decision of OPEC+ to maintain the increase in oil production.

The OPEC+ ministers voted to maintain the plan to increase oil production in March by 400,000 bpd.

By 9:09 am, at the London ICE Futures Exchange the April’s Brent crude futures fell by $0.20 (0.22%) to $89.27 per barrel. Following the trading on 2 February, the price of Brent crude futures for April grew by $0.31 (0.35%) up to $89.47 per barrel.

By 9:10 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for March fell in price by $0.34 (0.39%) to $87.92 per barrel. Following the trading on 2 February, the price of March’s WTI oil futures rose by $0.06 (0.07%) up to $88.26 per barrel.

According to the U.S. Department of Energy, country’s commercial oil reserves fell by 1.05 million barrels last week to 415.14 million barrels, gasoline commodity reserves increased by 2.12 million barrels up to 250.04 million barrels, and commercial distillate stocks declined by 2.41 million barrels to 122.74 million barrels.