Oil prices rise on supply concerns

MOSCOW, 12 Sep — PRIME. World oil prices on Monday evening are accelerating growth on a potential reduction in supplies, increased risk appetite, as well as on the depreciation of the dollar, follows from trading data and expert comments.

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As of 18.49 Moscow time, the price of November futures for Brent crude grew by 2.09%, to $94.78 per barrel, October futures for WTI — by 2%, to $88.53. During the day, oil rose in price within 1%.

In early September, OPEC + decided that in October oil production would be reduced to the level of August – by 100,000 barrels per day. Many analysts believe that the alliance will continue to cut production further to support prices and reduce market volatility.

The growth of stock markets at the same time supports the propensity of traders to take risks, which also has a positive effect on the cost of commodities. Indices in Australia and Japan are rising by about 1%, stocks in Europe are rising by an average of 2%.

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The dollar index (the exchange rate against a basket of currencies of six countries – US trading partners) fell by 0.72%, to 108.22 points. The depreciation of the US currency makes commodities, including oil, more affordable when buying in another currency.

“The organization (OPEC+ – ed.) fired a warning shot earlier this month and may be tempted to fire another before the October meeting. The price recovery could be supported by this, as well as increased risk appetite in the markets and a weaker dollar,” he told the portal. MarketWatch Craig Erlam, Chief Market Strategist at Oanda Broker.

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