Oil prices slightly accelerated growth

MOSCOW, 16 Sep — PRIME. World oil prices on Friday afternoon slightly accelerated their growth rates, while since the beginning of the week, quotes may show a drop of almost 2%, which could become the third week of decline in a row, follows from the trading data.

As of 13.25 Moscow time, the price of November futures for Brent crude grew by 0.61%, to $91.39 per barrel, October futures for WTI – by 0.4%, to $85.44. In the morning, oil rose in price by about 0.3%.

Since the beginning of the week, Brent could fall by 1.8%, WTI – by 2%, and this week could be the third in a row when oil quotes fall. During this time, quotes have lost about 9%, dropping from $101 and $93 per barrel, respectively.

Basically, the fears of the markets were associated with the risks of a recession in the world, which is negative for the prospects for oil demand. World central banks tend to raise key rates to combat high inflation, which causes markets to fear about the economic outlook.

The US Federal Reserve and the Bank of England will meet next week, and analysts believe that both regulators will raise rates again. The expectation that the Fed will raise the rate for the fifth time in a row, without slowing down the rate of increase, also supports the dollar against world currencies, which is negative for commodities, which are becoming less available for purchase in other currencies.