MOSCOW, 12 Oct — PRIME. World oil prices on Wednesday afternoon moved to growth after a morning decline, according to trading data, investors are assessing the situation around the accident at the Druzhba oil pipeline in Poland.
“Friendship” breaks. What happened to the largest oil pipeline
As of 13.31 Moscow time, the price of December futures for Brent crude oil is growing by 0.37%, to $94.64 per barrel, November futures for WTI – by 0.17%, to $89.5.
Earlier Wednesday, the Polish pipeline operator Pern announced the depressurization of one of the two strings of the Druzhba oil pipeline leading to Germany. Pern later also clarified that oil is supplied from Poland to German refineries “taking into account technical capabilities”, while Polish refineries receive the required volume of oil in full, in accordance with orders.
“It seems that the market is underestimating the risks to oil supplies and is focusing on fears around demand,” Bloomberg reports the opinion of commodity analyst UBS Group AG Giovanni Staunovo (Giovanni Staunovo).
The previous two trading sessions, on the contrary, oil has fallen in price due to fears of a recession, which threatens oil demand.
Investors are also awaiting the release of the monthly OPEC report. The organization must provide updated estimates of oil demand and production, which may affect oil prices.
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