Oil prices rise on expectations of supply cuts

MOSCOW, 29 Aug — PRIME. World oil prices on Monday morning grow by more than 1%, investors expect a reduction in the supply of this type of raw material on the market, according to trading data.

As of 8.07 Moscow time, the price of November futures for Brent crude oil is growing by 1.08%, to $100.09 per barrel, and October futures for WTI – also by 1.08%, to $94.15.

“Despite hawkish central banks stimulating rate hikes and a weak economic outlook, the price of oil continues to rise as supply constraints support bullish sentiment,” James, managing director of Vanir Global Markets Pte in Singapore, told Bloomberg. Whistler (James Whistler).

In particular, expectations of a reduction in the aggregate supply of oil came to the market after the statement by the Minister of Energy of Saudi Arabia that OPEC could cut its production.