Oil prices fell in volatile trading

MOSCOW, 18 Oct – PRIME. World oil prices on Tuesday afternoon began to decline, traders are assessing geopolitical risks, it follows from the trading data and the analyst’s commentary.

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As of 12:45 Moscow time, the price of December futures for Brent crude fell by 0.61%, to $91.06 per barrel, December futures for WTI — by 0.65%, to $83.98. In the morning, oil, on the contrary, rose in price – by about 0.6%.

“Volatility remains high as traders appear to be more focused on geopolitical and political risks than supply fundamentals. Traders continue to resist weak demand forecasts while near-term supply continues to be tight,” Bloomberg quotes the opinion of Panmure Gordon analyst Ashley Kelty.

Markets continue to evaluate the prospects around the balance of supply and demand in the market. On the one hand, fears of a recession affect demand expectations. At the same time, traders continue to fear a scarce market and insufficient supplies.