Oil prices rise on sanctions risks

MOSCOW, 19 Oct – PRIME. World oil prices are growing moderately on Wednesday morning, investors, among other things, are assessing the risks from the supply of this raw material in the light of EU sanctions against oil from Russia, follows from the trading data and the analyst’s commentary.

The US Department of Energy announced the sale of oil from the strategic reserve

As of 8:13 Moscow time, the price of December futures for Brent crude oil is growing by 0.49%, to $90.47 per barrel, December futures for WTI – by 0.97%, to $82.84.

On Wednesday, the oil market is seeing positive price dynamics, as there are concerns about its further supplies.

In addition, investors drew attention to the data of the American Petroleum Institute (API), according to which commercial stocks of this type of raw material in the United States fell by 1.27 million barrels in the week to October 14, while analysts, on the contrary, expected an increase in the indicator by 1 .55 million.

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“EU sanctions will hurt supply and we also have to consider any Russian response to supply in light of the sanctions and that’s the first factor driving prices and the other is how strategic oil is being replenished,” the analyst told Bloomberg. SPI Asset Management Stephen Innes.

Meanwhile, in addition, the market itself is “ripe” for a correction after a day earlier, oil prices fell by several percent, and the price of Brent fell below $89 per barrel for the first time since October 4.


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