MOSCOW, 18 Oct – PRIME. World oil prices are growing weakly on Tuesday morning on the uncertainty about supply and demand in the market, follows from the trading data and the analyst’s commentary.
Media: US will release up to 15 million barrels of oil from the reserve
As of 7:47 Moscow time, the price of December futures for Brent crude oil is growing by 0.64%, to $92.21 per barrel, December futures for WTI – by 0.7%, to $85.11.
According to the head of commodity strategy at ING Groep NVB, Warren Patterson, quoted by Bloomberg, the market is currently in some uncertain state in the face of, on the one hand, a negative macroeconomic background and, on the other hand, the prospects for a decrease in supply.
But the risks of “shortage” of “black gold” in the market, obviously, have prevailed so far. Such prospects have even been overshadowed by the news that the administration of US President Joe Biden plans to release another 10 to 15 million barrels of oil from the strategic reserve to “balance” the market (that is, keep prices from rising).
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