Oil prices fall for the second day in a row

Oil prices fall for the second day in a row

Oil prices fall for the second day in a row

Oil prices are falling during trading on Friday under pressure from the statistics published yesterday on US stocks and concerns about demand.

US commercial oil inventories increased by 2.03 million barrels last week, according to a weekly report from the country's energy ministry. Gasoline stocks fell by 2.95 million barrels, distillates – by 1.68 million barrels.

According to the data of the American Petroleum Institute (API), published the day before, oil reserves in the United States for the week ended September 4 rose by 3 million barrels, distillates – by 2.3 million barrels, while gasoline stocks fell by 6.9 million barrels.

The cost of November futures for Brent oil on the London ICE Futures exchange by 8:12 Moscow time 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 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 continued increase in the number of coronavirus infections.

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