The price of oil changes little under the influence of external factors

MOSCOW, 20 Sep — PRIME. World oil prices on Tuesday morning do not show a pronounced dynamics, the markets react to a number of factors, according to trading data.

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As of 8:23 Moscow time, the price of November futures for Brent crude oil is symbolically rising by 0.07%, to $92.06 per barrel, and November futures for WTI is falling by an equally symbolic 0.09%, to $85.28.

On Tuesday morning, oil prices do not have bright dynamics due to a number of factors. Thus, the forthcoming increase in the rate by the US Federal Reserve has a negative impact on quotes, markets are assessing the likelihood of an economic recession, which, in turn, may lead to a decrease in demand for “black gold”.

On the other hand, an increase in oil demand is facilitated by the easing of coronavirus restrictions in its largest importer, China.

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“While recession worries continue to weigh on market sentiment, worries about global oil demand are likely to continue to soak in very gradually,” Vanda Insights founder Vandana Hari told Bloomberg.


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