Oil prices moved up on expectations of a shortage of raw materials

MOSCOW, 7 Sep — PRIME. World oil prices on Wednesday afternoon moved to growth on expectations of a reduction in the supply of this type of raw material, according to trading data.

As of 14.36 Moscow time, the price of October futures for Brent crude oil is growing by 0.27%, to $93.06 per barrel, October futures for WTI – by 0.25%, to $87.09.

In the morning oil became cheaper by more than 1%. But in the afternoon, prices began to rise – positive dynamics was facilitated by the statement of Russian President Vladimir Putin that Russia would stop supplying oil to those countries that would introduce price restrictions for it. This, in turn, led to expectations of a decrease in the supply of “black gold” on the market.

“Given the many uncertainties on both the supply and demand side, this is exactly what we should expect for the foreseeable future,” Ole Hansen, head of commodity strategy at Saxo Bank, told Bloomberg. “Price restriction may lead to the fact that the price of oil will not fall, but, on the contrary, will rise,” the expert added.