Oil prices correctively fall after a four-day increase

MOSCOW, 7 Oct — PRIME. World oil prices on Friday morning are slightly reduced after rising during the previous four days, according to trading data.

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1 Analysts assessed the prospects for the oil market after the decision of OPEC +

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Analysts assessed the prospects for the oil market after the decision of OPEC +

As of 08:10 Moscow time, the price of December futures for Brent crude oil is falling by 0.21%, to $94.22 per barrel, November futures for WTI – by 0.18%, to $88.29.

The cost of oil on Friday morning is slightly reduced after a rapid increase over the past four days. Thus, Brent oil has risen in price during this time by 7.68%, WTI – by 11.38%.

The growth of quotations of “black gold” was mainly due to the decision taken by the alliance OPEC+ from November to cut production by 2 million barrels per day.

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In addition, the day before, the EU introduced a number of restrictions on the transportation of oil and petroleum products from the Russian Federation for the winter, which also supports the growth in prices.

Later on Friday, Baker Hughes, an American oil and gas service company, is expected to publish weekly statistics on the number of active oil rigs in the US. Over the previous working week, their number increased by two – up to 604 units.