Oil prices stable

12:30 | 29.02.2024
Oil prices stable

Oil prices stable

Oil prices showed stability in trading on February 29, reported from Interfax.

The cost of April futures for Brent on the London ICE Futures exchange amounted to $83.62 per barrel. This is $0.06 (0.07%) lower than the previous close.

On February 28, these contracts rose by $0.03 to $83.68 per barrel.

April futures expire on February 29. The more actively traded May contract is at $82.07 per barrel, down $0.08 (0.1%) from the previous session’s close.

WTI oil futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.02 (0.03%) to $78.52 per barrel.

According to the results of previous trading, the cost of these contracts decreased by $0.33 (0.4%) to $78.54 per barrel.

The decline in the price of WTI on February 28 was facilitated by data from the US Department of Energy, which showed an increase in oil reserves in the country for the fifth week in a row.

Commercial oil inventories in the US rose by 4.2 million barrels last week.

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