Oil prices accelerated growth to almost four percent on the results of the ECB

MOSCOW, September 9 — PRIME. World oil prices on Friday evening are rising by almost 4% against the backdrop of reduced supply, investors evaluate the results of the meeting of the European Central Bank (ECB), follows from trading data and expert comments.

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1 The ECB predicted high inflation in the eurozone in 2023

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The ECB predicted high inflation in the eurozone in 2023

As of 20.24 Moscow time, the price of November futures for Brent crude oil is growing by 3.65%, to $92.40 per barrel, October futures for WTI – by 3.64%, to $86.58. At the same time, around 12.40 Moscow time, prices increased by 1.92% and 1.81%, respectively.

The results of the OPEC+ meeting have a positive impact on quotes. The Alliance decided that in October the production of “black gold” will be reduced by 100,000 barrels per day, to which the market reacts by raising prices.

In addition, on Thursday, the European Central Bank for the first time in history raised the base rate by 75 basis points at once – to 1.25% from 0.5%. The ECB also said that the rate hike is possible at the next meetings. At the moment, markets are evaluating the decision of the European regulator.

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Strategic Energy & Economic Research President Michael Lynch, quoted by MarketWatch, believes that after the European Central Bank raised interest rates, “people who were selling (oil futures – ed.) in anticipation are now buying them.”

Also on Friday, US oilfield service company Baker Hughes released data on the number of operating oil rigs in the US. In the week to September 9, their number decreased by five – to 591 units.