Oil prices accelerated growth on external factors

MOSCOW, September 5 – PRIME. World oil prices on Monday morning accelerated growth to 3%, investors assess the factors on the supply and demand side, according to trading data.

As of 14:17 Moscow time, the price of November futures for Brent crude oil increased by 3.33%, to $96.12 per barrel, and October futures for WTI – by 3.1%, to $89.56.

Oil prices on Monday afternoon accelerated growth to 3%, investors assess the factors affecting both the demand and supply of this type of raw material. One of them is the increase in gas prices, as it can cause an increase in fuel demand.

In addition, the markets are waiting for the OPEC+ meeting scheduled for Monday. Traders believe that perhaps the alliance will make a decision to reduce or increase oil production, which was previously mentioned by the Minister of Energy of Saudi Arabia.

According to Giovanni Staunovo, an analyst at UBS AG in Zurich, quoted by Bloomberg, the prospect of increased demand for oil, caused by a jump in natural gas prices, is one of the factors stimulating oil prices. “The other is that some are probably expecting some action from OPEC+ later today,” he added.