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Price of Brent crude oil down below $66 per barrel first time since April 28

20 May 2021 11:16

MOSCOW. KAZINFORM The price of futures contracts of Brent crude oil for July 2021 delivery has dropped by 4.24% to $65.8 per barrel on London's ICE, diving below the $66 per barrel level for the first time since April 28, 2021, according to the trading data as of 5:30 pm Moscow time.

As of 5:42 pm, the price of Brent oil extended losses trading at $65.35 per barrel, down by 4.89% compared with the previous closing, TASS reports.

As of 5:53 pm Moscow time, the price of Brent oil was down by 4.96% at $65.3 per barrel, whereas the price of WTI oil was down by 5.34% at $62 per barrel.

The futures contracts are declining following an increase in US crude inventories by 1.32 mln barrels last week to 486.011 mln barrels as of May 14, according to a US government report. Meanwhile analysts interviewed by Bloomberg expected an increase in oil stockpiles by 2 mln barrels.

Keywords: Oil & Gas, World News,