Oil prices are falling markedly due to a possible drop in demand

MOSCOW, 12 Sep — PRIME. World oil prices on Monday morning are noticeably declining on the prospects of a decrease in demand for it, it follows from the trading data and expert comments.

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1 The expert gave a forecast for oil prices for the next week

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The expert gave a forecast for oil prices for the next week

As of 7:59 Moscow time, the price of November futures for Brent crude oil falls by 1.44%, to $91.52 per barrel, October futures for WTI – by 1.64%, to $85.37.

Prices for “black gold” are under pressure from a potential decline in demand for oil due to a possible recession in the global economy. This scenario is supported by the tightening of the central banks’ monetary policy and the increase in interest rates in the fight against high inflation.

In addition, the number of cases of coronavirus infection in China, the largest oil importer, continues to be in the spotlight there. The country’s authorities maintain restrictions on movement, thereby reducing gasoline consumption.

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“Now it looks like potential weakness in demand comes to the fore amid recession fears and prolonged lockdowns in China,” Sean Lim, an oil and gas analyst at RHB Investment Bank Bhd, told Blemberg.