Oil prices increases

Oil prices increases
Oil prices increases

As a result of yesterday's trading, oil prices rose slightly In the world market.

Brent oil futures for October delivery rose 0.11% to $ 71.37 a barrel.

WTI September futures rose just 0.09% to $ 69.15 a barrel.

In recent days, oil prices on the market have been threatened by new strains and new waves of COVID-19 in the world.

As experts point out, although demand for oil has increased significantly compared to the same period last year, a record number of new cases of COVID-19 could, in the next few weeks, halt or even partially reverse this progress.

According to the US Department of Energy, the country's oil reserves increased by 3.6 million barrels last week, the highest jump since the beginning of May.

Meanwhile, gasoline inventories in the United States fell by 5.3 million barrels. Analysts expected a 1.1 million barrels reduction in gasoline inventory.

The OPEC + countries have reached a compromise on oil production. The parties agreed that from August, oil production would increase by 400 thousand barrels per day. Consequently, countries will reach pre-crisis levels by the end of 2022. 

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