Oil prices fell globally by 1. 5% in a week, with Brent crude, the global standard, down 1. 5% and a 1.1% decline in US West Texas Intermediate crude. 5%.
Additionally, Brent oil futures contracts had a value of $96 as of Friday’s settlement. whereas West Texas Intermediate crude futures were valued $90 per barrel. 77 per barrel, reflecting a slight increase in trading on Friday.
A dollar reduction in crude oil export duties to $52 per tonne starting in September of the next year was announced by the Russian Finance Ministry.
According to the Russian Finance Report, the average price of Ural oil varied between $83.06 per barrel and $606.4 per tonne between July 15, 2020, and August 14, this year.
She said that the current oil export price is equal to 53 dollars per tonne, and that the oil export tariffs will be lowered from 53 to 52 dollars per tonne for dark oil products and from 15.9 to 15.6 dollars for light oil products and lubricating oils.
According to data from the US Energy Information Administration, crude stockpiles fell by 7.06 million barrels last week, while daily US shipments of black gold rose to 5 million barrels.
Weekly drops in the price of oil around the world; 1.5% for Brent crude
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