Oil rises slightly on the prospects of supply cuts

MOSCOW, 21 Sep — PRIME. World oil prices are growing slightly on Wednesday morning amid a possible reduction in the supply of this type of raw material, according to trading data.

As of 08:09 Moscow time, the price of November futures for Brent crude oil increases by 0.18%, to $90.78 per barrel, November futures for WTI – by 0.13%, to $84.05.

On Wednesday morning, markets are evaluating the prospects for reducing the supply of “black gold”. Thus, investors are still worried about the upcoming entry into force of the EU embargo on Russian oil, which is scheduled for the end of the year.

At the same time, the growth of oil prices is being held back by expectations of a rate hike by the US Federal Reserve, as traders fear that a sharp increase in key rates in the countries of the world will lead to a recession, which will negatively affect energy demand.

Later in the day, the US Federal Reserve will publish the results of the two-day meeting. According to CME Group, 82% of analysts are considering a third consecutive increase in the discount rate by 75 basis points – up to 3-3.25%, while 18% of experts allow an increase of 100 basis points at once.