Oil rises in price on a possible reduction in supply

MOSCOW, 22 Sep — PRIME. World oil prices are growing on Thursday afternoon, markets are evaluating the prospects for reducing the supply of this type of raw material, according to trading data.

As of 14.25 Moscow time, the price of November futures for Brent crude oil is growing by 0.83%, to $90.58 per barrel, November futures for WTI – by 0.94%, to $83.7.

On Thursday afternoon, the cost of oil is growing, while traders assess the prospects for reducing the supply of this type of raw material. Thus, fears about the shortage of “black gold” intensified after the decree of the President of the Russian Federation on the beginning of partial mobilization. Russia is one of the largest oil producers in the world and has been a major supplier of oil and gas to the EU.

Also, markets are looking forward to the publication of data on commercial oil reserves in the US later in the evening. Analysts believe that the figure fell by 2.2 million barrels and reached 431.8 million barrels.