Oil prices are on the decline

MOSCOW, 14 Oct – PRIME. World oil prices on Friday afternoon moved to some decline, according to the results of the week, quotes may also show a decline after two weeks of growth, according to trading data.

As of 12:59 Moscow time, the price of December futures for Brent crude fell by 0.66%, to $93.95 per barrel, November futures for WTI — by 0.73%, to $88.46.

The cost of oil as a whole during the day fluctuates, during the day the quotes moved into the “red” zone. Moreover, since the beginning of the week, oil prices may show a decrease of 4% after two weeks of significant growth.

Investors pay attention to mixed statistics from the US. Thus, commercial oil reserves in the country for the week to October 7 increased immediately by 9.9 million barrels, to 439.1 million, the maximum since the end of July 2021. At the same time, the country’s strategic oil reserve has fallen to its lowest level since June 1984. Oil production in the United States for the week fell by 100 thousand barrels per day, to 11.9 million barrels per day.

In general, the underlying factors for quotes are concerns about demand due to the risks of a recession in the world, as well as uncertainty around oil supplies.

On Friday evening, Baker Hughes, an American oilfield service company, is expected to report on the number of operating oil rigs in the US. For the week to October 7, their number decreased by two – to 602 units.