Brent oil rose to $40,42 per barrel


Moscow. December 10. Oil prices rise on Thursday after falling in the previous trading to its lowest levels since February 2009, reports Bloomberg.

The cost of the January futures for Brent crude on London’s ICE Futures exchange to 8:36 Moscow time increased by $0,31 (0,77%) – to $40,42 per barrel. By the close of market on Wednesday, the futures price dropped by $0.15 (0,37%) – to 40,11 per barrel.

Futures price for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) had risen by this time by $0.23 (0.62 percent) to $37,39 per barrel. According to the results of previous trading day, the contract fell $0.35 (0.93 percent) to $37,16 per barrel.

According to the U.S. Department of energy, commercial oil reserves in the country decreased for the first time in 11 weeks.

Last week, the reserves decreased by 3,57 million barrels, while experts surveyed by Bloomberg had expected them increase by 1.3 million barrels.

Despite the decline, stocks remain above average for five years more than 120 million barrels.

Meanwhile, American oil company Chevron Corp. announced Wednesday his intention to cut spending on exploration and drilling, as well as other projects in 2016 to 24% due to the drop in oil prices.