Brent oil price nears $78 per barrel

Oil prices rose on January 10 following data from the American Petroleum Institute (API), which showed yet another decline in US stocks, reported from Interfax.

The cost of March Brent futures on the London ICE Futures exchange amounted to $77.9 per barrel, which is $0.31 (0.4%) higher than at the close of previous trading.

WTI oil futures for February rose in price by $0.38 (0.53%) to $72.62 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

According to API, US oil reserves fell by 5.215 million barrels in the week ending January 5. The country’s Department of Energy will release its own data on energy reserves this evening. A week earlier, the decrease in oil reserves in the country amounted to 5.5 million barrels.

The oil market is also supported by Yemeni Houthi attacks on ships in the Red Sea.

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