Oil prices intensify the fall on fears for demand

MOSCOW, Sep 23 — PRIME. World oil quotes increased their decline on Friday afternoon, markets assess the prospects for a reduction in demand for this type of raw material, according to trading data.

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As of 13.56 Moscow time, the price of November futures for Brent crude oil falls by 2.9%, to $87.84 per barrel, November futures for WTI — by 3.28%, to $80.75.

On Friday afternoon, oil quotes accelerated the fall, markets are evaluating the prospects for a reduction in demand for this type of raw material due to a possible recession due to the tightening of monetary policy by various regulators in the fight against inflation.

Thus, the discount rates were raised by the US Federal Reserve System (FRS), the British Central Bank and the Central Bank of Switzerland. The Central Bank of Japan at the same time left the rate at a negative level of minus 0.1%, while maintaining a soft policy.

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Also later on Friday, the publication of weekly statistics on the number of active oil rigs in the US by the American oil and gas service company Baker Hughes is expected. During the previous working week, their number increased by eight – up to 599 units.


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