Oil rises in price by a percentage – PRIME, 07.10.2022

MOSCOW, 7 Oct – PRIME. World oil prices on Friday afternoon are growing by 1%, according to trading data. Since the beginning of the week, quotes can show the strongest growth since spring.

As of 2:00 pm Moscow time, the price of December futures for Brent crude grew by 1.03%, to $95.39 per barrel, November futures for WTI — by 1.12%, to $89.44.

In the morning, oil prices fell slightly, and after the opening of trading in Europe, they moved to growth, which reached 1% before the opening of Wall Street.

At the same time, since the beginning of the week, prices have shown the most active weekly growth for at least six months, which is about 10%. Since the beginning of the week, the Brent price has risen by 8.5%, this is the strongest increase since April, while the WTI brand has risen in price by 12.5% ​​over the week, the most active increase since the beginning of March.

Investors continue to evaluate supply and demand factors. So, this week, OPEC + decided to cut production by 2 million barrels per day from November. At the same time, fears of a recession pose risks to the demand outlook.

Later on Friday, Baker Hughes, an American oil and gas service company, is expected to publish weekly statistics on the number of active oil rigs in the US. Over the previous working week, their number increased by two – up to 604 units.