Oil Prices Decline

Oil prices are decreasing on Friday morning following a moderate increase in the previous session due to data on declining U.S. refined product inventories.

The value of January futures for Brent crude on the London ICE Futures exchange is $71.96 per barrel, which is $0.60 (0.83%) lower than the previous market closing figure. On Thursday, these contracts rose by $0.28 (0.4%) to reach $72.56 per barrel.

Meanwhile, December futures for WTI crude oil on the New York Mercantile Exchange (NYMEX) also declined by $0.55 (0.8%), reaching $68.15 per barrel. In the previous session, the value of these contracts had increased by $0.27 (0.4%), reaching $68.70 per barrel.