MOSCOW, 30 Sep — PRIME. World oil prices on Friday evening are falling by almost 2%, they can end the third quarter in the red for the first time since 2020 – a fall of 25% is expected, according to trading data.
As of 20.09 Moscow time, the price of December futures for Brent crude fell by 1.82%, to $85.59 per barrel, November futures for WTI — by 1.54%, to $79.98.
Since the beginning of the current quarter, Brent has fallen in price by 24.8%, WTI – by 24.5%. The quarterly decline in oil prices will be recorded for the first time since 2020, when prices fell by more than 60% in the first quarter.
To combat high inflation, the world’s central banks are pursuing a tight monetary policy. Thus, the US Federal Reserve and the ECB raised the base interest rate by 75 basis points, and the Bank of England – by 50 basis points. Investors fear that such “aggressive” actions of world regulators will lead to a decrease in global economic activity and the beginning of a recession. In such conditions, the demand for oil tends to decline.
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 September 30, their number increased by two – up to 604 units.