The price of the November Brent oil futures at the moment reached $ 78 per barrel, according to trading data on the London ICE stock exchange. The last time the oil price reached this level was in October 2018.
As of 19:46, North Sea Brent has stabilized at $ 77.97 per barrel, daily growth is about 1%. November futures for the Texas light oil WTI also rose in price – up to $ 73.93 per barrel, by 0.8%.
Oil prices have been rising since mid-September, accelerating over the past four days. On September 15, November Brent futures exceeded $ 75 per barrel for the first time since early August this year.
On September 22, the US Department of Energy announced that commercial oil reserves in the country, excluding the strategic reserve, for the week ended September 17, decreased by 3.5 million barrels to 414 million barrels, the lowest since October 2018. Oil volumes in strategic storage facilities also decreased – by 1.2 million to 619.6 million barrels. This comes amid declining oil production at platforms in the Gulf of Mexico, where work temporarily stopped during hurricanes and has not yet recovered.
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