Oil prices accelerated growth rates

MOSCOW, Sep 27 – PRIME. World oil prices on Tuesday afternoon accelerate the growth rate to more than 1%, however, the factors restraining this growth continue to operate, according to trading data and analyst comments.

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As of 13.01 Moscow time, the price of December futures for Brent crude oil jumps by 1.27%, to $83.91 per barrel, November futures for WTI – by 1.15%, to $77.6. In the morning, oil also rose in price, but at a slower pace.

Oil quotes continue to grow after falling on Monday, but judging by the comments of experts, this can only be perceived as a temporary correction. The day before, Brent fell almost 4%, and its price fell below $83 for the first time since January 11; WTI fell 3.6%. Such dynamics was caused by fears of a possible global recession and the corresponding impact of the economic situation on demand.

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“A strong dollar and demand pessimism will remain strong deterrents for prices until the end of the year,” Bloomberg quoted Goldman Sachs analysts as saying.

However, as experts noted, in the longer term, the situation may change – the lack of investment and the low level of capacities and reserves of raw materials is increasing, and this should cause an increase in oil prices.