Brent oil falls to $81.85 per barrel

13:30 | 12.02.2024
Brent oil falls to $81.85 per barrel

Brent oil falls to $81.85 per barrel

Oil prices fell on Monday morning after growing by over 6% last week,  reported from Interfax.

April Brent futures fell in price on the London ICE Futures exchange by $0.34 (0.41%), to $81.85 per barrel. On Friday, Brent rose $0.56 (0.7%) to $82.19 per barrel.

By this time, March futures for WTI had fallen in price on the New York Mercantile Exchange NYMEX by $0.34 (0.44%) to $76.5 per barrel. During the previous session, the contract rose by $0.62 (0.8%) to $76.84 per barrel.

Trading Economics suggests that the market is undergoing a technical correction. Both Brent and WTI rose 6.3% last week amid tensions in the Middle East, where the conflict between Israel and Hamas continues. In addition, the US military carried out numerous attacks on the positions of the Yemeni Houthi rebels.

At the same time, the number of oil and gas drilling rigs in the United States as of February 9 reached its highest level since mid-December, rising over the week to 623 from 619, according to Baker Hughes.
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