The expert gave a forecast for oil prices for the next week

MOSCOW, 11 Sep — PRIME. Oil prices will remain volatile in the coming days, trading in a wide range of $88-93 per barrel, Igor Galaktionov, an expert on the stock market at BCS Mir Investments, told Prime.

He noted that fears of an impending recession remain the key topic in the oil market, which outweighed the positive last week after the reduction in production by OPEC+ countries. The Bank of Canada and the ECB consistently raised key rates, worsening economic forecasts, and China published weak trade statistics for August, which further strengthened negative sentiment and brought Brent quotes to the level of $90 per barrel.

Galaktionov noted that forecasts for the global economy will remain in focus next week. Market participants will be looking at US and EU inflation data for August in an attempt to gauge the Fed’s next move at its Sept. 21 meeting.

Also, new information regarding the Iranian nuclear deal may appear in the information field, the expert added. Prospects for reaching a compromise declined after Iran’s response to the “final” draft agreement prepared by the EU.