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.
US urges Biden to continue to release oil from reserves
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.
“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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