Oil prices have moved to some growth

MOSCOW, Sep 22 — PRIME. World oil prices are stabilizing on Thursday morning after falling on Wednesday, balancing between the results of the meeting of the US Federal Reserve System (FRS) and foreign policy risks, according to trading data.

As of 7:44 Moscow time, the price of November futures for Brent crude oil is growing by 0.38%, to $90.17 per barrel, November futures for WTI – by 0.37%, to $83.25.

Investors continue to pay attention to foreign policy risks. On Wednesday, a partial mobilization was announced in the Russian Federation by presidential decree. Russia is one of the largest oil producers in the world and has also been a major supplier of oil and gas to the EU.

But on Wednesday, oil prices fell by about 1%. The Fed raised the discount rate, and again by 0.75 percentage points, to 3-3.25% per annum. Following the meeting, the head of the regulator, Jerome Powell, also noted that he does not see painless ways to defeat inflation in the country. The Fed also downgraded the US GDP forecast and raised inflation estimates for the current and next years. Such signals reinforced fears of a possible recession, which was reflected in the expectations of a decrease in global demand for raw materials.

A hawkish Fed and more gloomy macroeconomic forecasts spoil the mood. However, the long-term outlook remains positive,” said Warren Patterson, head of commodities strategy at ING Groep NV, quoted by Bloomberg.