World oil prices continue to fall on several factors

MOSCOW, 1 Sep — PRIME. World oil prices are falling again on the first day of autumn, while investors are evaluating a number of factors affecting the supply and demand of this type of raw material, according to trading data.

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As of 8.45 Moscow time, the price of November futures for Brent crude oil falls by 0.64%, to $95.03 per barrel, October futures for WTI – by 0.68%, to $88.94.

The cost of oil on Thursday morning is reduced on a number of factors. So, for example, one of the reasons for the negative dynamics is the prospect of raising the discount rate by the US Federal Reserve, since the tightening of monetary policy may negatively affect the state of the entire world economy and, consequently, the demand for energy resources.

In addition, the continuing coronavirus restrictions in China have a negative impact on the quotes of “black gold”, which lead to a decrease in demand for this type of raw material due to the tightening of restrictions on movement.

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At the same time, the decline in oil prices is moderate after yesterday’s statistics from the US. Thus, commercial oil reserves in the country (excluding the strategic reserve) for the week ended August 26 fell by 3.3 million barrels, although analysts expected a reduction in reserves by only 1.483 million barrels.


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