Oil prices remain stable

MOSCOW, 14 Oct – PRIME. World oil prices on Friday morning do not show bright dynamics, according to trading data.

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1 Iran calls oil price cap a ‘shot’ on G7 energy security

Iran calls oil price cap a ‘shot’ on G7 energy security

As of 8.57 Moscow time, the price of December futures for Brent crude oil is growing by 0.2%, to $94.76 per barrel, November futures for WTI – by 0.2%, to $89.31.

On Friday morning, oil prices do not show pronounced dynamics, markets react to statistics on commercial reserves and production of this type of raw material in the United States. In the week ending October 7, inventories rose by 9.9 million barrels at once, to 439.1 million, the highest since the end of July 2021. At the same time, the strategic oil reserve in the country decreased to 408.7 million barrels, the lowest level since June 1984.

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Oil production in the United States for the week fell by 100 thousand barrels per day, to 11.9 million barrels per day. In addition, Baker Hughes, an American oil and gas service company, is expected to publish weekly statistics on the number of active oil rigs in the US later on Friday. For the week to October 7, their number decreased by two – to 602 units.

“In the short term, the macro picture and potential U.S. action – a further release of SPR – in an attempt to counter OPEC+ supply cuts could put additional downward pressure on prices,” said Warren Patterson, head of commodity strategy at ING Groep NV, quoted by the agency. Bloomberg. “However, in the medium and long term, the market looks more and more tense, which suggests that prices should rise,” the expert added.