Oil price exceeded $ 78

Фото: Getty Images

Prices for “black gold” are gradually returning to the dock level

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The market was supported by the data on the decline in US oil inventories last week to the lowest level since 2018.

World oil prices of reference grades continue to show growth on the last working day of the week. This is evidenced by the trading data on Friday evening, September 24.

So, as of 20:40 Kyiv time, November futures for Brent on the London ICE Futures exchange increased by another $ 0.82 (1.06%) – up to $ 78.07 per barrel. The price of this brand has not risen above $ 78 per barrel since October 2018.

The cost of a November WTI futures contract at the electronic session on the New York Mercantile Exchange (NYMEX) rose by $ 0.75 (1.02%) to $ 74.05 per barrel. This is the maximum level in the last 10 weeks.

Now the spread between the current contracts for Brent and WTI is $ 4.02 in favor of Brent.

The market was supported this week by the data on the decline in US oil inventories last week to the lowest level since 2018.

At the same time, data from the American oilfield services company Baker Hughes indicate that the number of operating oil rigs in the United States increased by 10 units last week – to 421 rigs. Currently, the number of operating installations is 238 more than a year earlier.

Earlier, US President Joe Biden ordered use a strategic oil reserve to combat the hurricane-driven rise in fuel prices in the country.

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