MOSCOW, 7 Oct – PRIME. World oil prices on Friday evening are rising by 4%, markets are reacting to risks from the supply side, according to trading data and expert comments. Since the beginning of the week, quotes show the strongest growth since spring.
As of 20.30 Moscow time, the price of December futures for Brent crude grew by 3.94%, to $98.14 per barrel, November futures for WTI – by 4.67%, to $92.58.
Since the beginning of the week, prices have shown the most active weekly growth for at least six months. Brent is up 11.73% since Monday, while WTI is up 16.13% over the week. For both brands of oil, this is the highest weekly increase since April.
This week, OPEC+ decided to cut production by 2 million barrels per day from November. Oil quotes reacted to the alliance’s decision with growth.
“Supply concerns appear to have driven market action this week, pushing demand concerns to the back burner,” Bloomberg quoted analysts at wholesale fuel distributor TACenergy as saying.
In addition, data from the US oilfield service company Baker Hughes on the number of active oil rigs in the US were released on Friday. For the week to October 7, their number decreased by two – to 602 units.