Oil rises on expectations of lower supply

MOSCOW, 21 Sep — PRIME. World oil prices rise by 2% or more on Wednesday afternoon, while international risks have increased market fears about the prospects for the supply of this raw material to consumers, according to trading data.

As of 14:28 Moscow time, the price of November futures for Brent crude oil jumps by 2.1%, to $92.52 per barrel, November futures for WTI – by 2.12%, to $85.72.

“Fears of supply disruption are supporting the rise in oil prices,” Giovanni Staunovo, commodity analyst at UBS Group AG, told Bloomberg.

Investors are paying attention to the prospects for supply due to new political risks after partial mobilization was announced in the Russian Federation by presidential decree. Russia is one of the largest oil producers in the world and has also been a major supplier of oil and gas to the EU.

Later in the course of trading, markets expect the publication of statistics on oil reserves in the US. Analysts believe that commercial stocks in the country rose by 2.1 million barrels in the week to September 16.