Oil drops on signs of declining demand

MOSCOW, September 13 – PRIME. World oil prices are falling on Tuesday morning, experts note signs of a decrease in demand for this raw material, follows from trading data and analysts’ comments.

As of 8:25 Moscow time, the price of November futures for Brent crude oil is falling by 0.28%, to $93.74 per barrel, and October futures for WTI – by 0.16%, to $87.64.

On Tuesday morning, the dynamics of trading in the market of “black gold” is negative, as in connection with signs of a recession in the global economy and restrictions in China, there is a decrease in demand for oil.

“We don’t expect a sustained rally anytime soon. Slower growth across all major economic blocs has indicated weaker demand for oil for some time, and this is now also visible in oil statistics. China is more of a cause,” the agency said. Bloomberg analysts at Morgan Stanley.

In addition, according to the head of the economics and strategy department of Mizuho Bank Ltd. Vishnu Varathan, who also cites the agency, said the decline in oil prices may be due to a reorientation ahead of the release of the US consumer price index.

Analysts believe that annual inflation in the US in August slowed down to 8.1% from 8.5% a month earlier.