Oil prices fell after rising the previous week

MOSCOW, 10 Oct – PRIME. World oil prices on Monday evening are slightly reduced after the growth of quotations the previous week by more than 10%, according to trading data.

As of 20:17 Moscow time, the price of December futures for Brent crude fell by 0.83%, to $97.11 per barrel, November futures for WTI — by 0.53%, to $92.15.

Over the past week, both brands rose by 12% and 16% respectively. Markets reacted to the fact that OPEC + decided to cut production by 2 million barrels per day from November.

To combat high inflation, the world’s central banks are pursuing a tight monetary policy. In September, the US Federal Reserve System (FRS) and the European Central Bank (ECB) raised their benchmark interest rate by 75 basis points and the Bank of England by 50 basis points. According to the CME Group, 82% of analysts predict that the Fed will raise rates again by 75 basis points at its meeting in November, which could be the fourth increase at such a pace and the sixth increase since the beginning of the year.

Investors fear that such “aggressive” actions of global regulators will lead to a decrease in global economic activity and the beginning of a global recession. In such conditions, the demand for oil tends to decrease.