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Oil prices are going down after the rise, which was the longest in 18 months and returned the market to a bullish trend. Rising oil prices continued for eight previous sessions. The increase in the cost of Brent crude from an 18-month low recorded on December 24, exceeded 20%, WTI - reached 23%.
Today, January 10, the cost of the March futures for Brent oil on the London ICE Futures Exchange at 1:14 pm Kyiv time is $ 60.99 per barrel, which is 0.45 dollar (0.73%) below the closing level of the previous session.
Futures for WTI oil for February in electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell by $ 0.34 (0.65%) - up to $ 52.02 per barrel.
The oil market was supported by the optimism of traders regarding the US-China trade negotiations, as well as signals of a decrease in oil production by OPEC countries Trade talks between representatives of Washington and Beijing ended on January 9 on an optimistic note, and experts expect the parties to sign the final agreement in the next few weeks.