MOSCOW, Sep 1 — PRIME. World oil prices accelerated their decline on Thursday afternoon, while investors assess the prospects for a reduction in demand for this type of raw material, according to trading data.
Belarus has reduced export duties on oil and oil products
As of 13.42 Moscow time, the price of November futures for Brent crude oil falls by 2.48%, to $93.27 per barrel, and October futures for WTI – also by 2.48%, to $87.33.
The cost of oil on Thursday afternoon moved to a more active decline on a possible decrease in demand for this type of raw material. Thus, in particular, the prospect of an increase in the discount rate by the US Federal Reserve remains a factor negatively affecting demand. The tightening of monetary policy may have a negative impact on the state of the entire world economy and, subsequently, will reduce the demand for energy resources.
“The fuel for the drop was certainly something that drove all asset classes down this week, namely the hawkish policy of the Federal Reserve,” Ole Hansen, head of commodity strategy at Saxo Bank, told Bloomberg.
In addition, the ongoing coronavirus restrictions in China, the largest oil importer, are having a negative impact, as oil demand will also decrease due to restrictive measures.
“The prospects for demand in China look dire – it settles at the level of consumption of 9-10 million barrels per day compared to 10-12 in recent years,” Hansen commented.
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