Oil prices moved up on fears of a lack of supply

MOSCOW, 30 Sep — PRIME. World oil prices are rising on Friday afternoon after a slight morning decline, quotes are supported by the risks of a shortage of supply of this raw material on the market, according to trading data and analysts’ comments.

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1 OPEC+ may cut oil production in November, Reuters says

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OPEC+ may cut oil production in November, Reuters says

As of 13.41 Moscow time, the price of December futures for Brent crude grew by 0.24%, to $87.36 per barrel, November futures for WTI — by 0.18%, to $81.38. In the morning oil became cheaper by 0.3-0.4%.

Despite a noticeable drop in oil prices in recent years, analysts note the continued shortage of this raw material on the market.

“Supply-related risks remain a supporting factor,” Ole Hansen, head of commodity strategy at Saxo Bank, told Bloomberg. In particular, Hansen said, this concerns a possible reduction in OPEC + production.

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Nevertheless, oil prices are preparing to end the quarter with a decline for the first time since 2020 – since the beginning of the current quarter, Brent has fallen in price by 23.8%, WTI – by 23.2%.