Oil rises on Musk’s support on Monday

MOSCOW, 29 Aug – PRIME. Global oil prices are rising about 3% on Monday after Elon Musk said that demand for fossil fuels may even increase in the near future, as well as concerns about supplies, follows from trading data and expert comments.

Musk spoke about the need for oil and gas for the world

As of 17.35 Moscow time, the price of November futures for Brent crude grew by 2.7%, to $101.68 per barrel, and October futures for WTI, by 3.26%, to $96.09.

Earlier Monday, Elon Musk, best known to many as the founder of electric car maker Tesla, said humanity may need “more oil and gas” in the short term, warning that without fossil fuels, “civilization would collapse.” Prices for “black gold” reacted to the statement by increasing.

In addition, concerns about oil supplies remain in the markets. Earlier, the Saudi Energy Minister noted that OPEC + is ready to cut production to combat market volatility and keep prices high. In addition, investors are waiting for the results of negotiations to return Iran to the nuclear deal, which will allow the country to increase oil exports.

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“There are many risks that could potentially lead to supply disruptions, including the situation in Libya and the extension of the negotiations on the Iran nuclear deal,” Giovanni Staunovo, commodity analyst at UBS Group AG, told Bloomberg.


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