Oil rises in price slightly due to multidirectional factors

MOSCOW, 17 Oct — PRIME. World oil prices rise slightly on Monday afternoon in the absence of any one prevailing factor for a pronounced increase or fall, but in general on Monday they show multidirectional dynamics, it follows from the trading data.

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As of 13:01 Moscow time, the price of December futures for Brent crude oil is growing by 0.31%, to $91.91 per barrel, December futures for WTI – by 0.32%, to $84.92.

Earlier in the course of trading, quotes fell slightly, and then returned to growth again.

Markets continue to evaluate the underlying factors: the prospects for supply and demand.

Thus, traders continue to follow the signals from OPEC +. Earlier, the countries participating in the agreement decided to reduce total oil production by 2 million barrels per day starting in November, and extended the agreements until the end of next year, which caused dissatisfaction with the US administration, which demanded an increase in oil production.

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At the same time, investors continue to fear a recession as world central banks tend to raise key rates to fight inflation. This situation could affect the prospects for demand.


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