MOSCOW, 30 Aug — PRIME. World oil prices on Tuesday morning are falling as part of a correction after a noticeable increase in the trading day earlier, when the Brent brand again consolidated above $100 per barrel, according to trading data.
As of 8:28 Moscow time, the price of November futures for Brent crude oil is falling by 0.45%, to $102.48 per barrel, and October futures for WTI – by 0.2%, to $96.81.
The oil market on Tuesday morning there is a corrective decline after rising the trading day earlier. On Monday, Brent oil rose by almost 2%, and WTI – by more than 4%. The rise in prices on the eve was facilitated by possible prospects for a reduction in oil supply and an increase in demand in the markets.
Thus, expectations of a reduction in the aggregate supply of oil, in particular, came to the market after the statement by the Minister of Energy of Saudi Arabia that OPEC could cut its production. And expectations of an increase in demand intensified after the statement of well-known entrepreneur Elon Musk that in the short term humanity may need more oil and gas, given that without fossil fuels, “civilization will collapse.”