The market was supported by fears of a drop in oil supply due to Saudi Arabia’s continuation of voluntary production restrictions until the end of this year.
Oil prices reached new highs since November last year: the price of WTI rose above $90 per barrel. The International Energy Agency predicts a deficit in the oil market in the fourth quarter of this year.
The market was supported by fears of a drop in oil supply due to Saudi Arabia’s continuation of voluntary production restrictions until the end of this year.
OPEC expects a deficit of more than 3 million barrels per day in the next quarter.
The value of November futures for Brent oil on the London ICE Futures exchange at 18:10 Kyiv time was $93.33 per barrel, which is $1.46 (1.59%) higher than at the end of the previous session. The price of WTI oil futures for October during trading on the New York Mercantile Exchange (NYMEX) at this time increased by $1.38 (1.56%) to $89.9 per barrel.
Earlier in the session, the price of Brent rose to $93.68 per barrel, WTI – to $90.26 per barrel. Oil prices have risen more than 30% since late June, and traders say technical indicators point to a possible market pullback. The closest resistance level for WTI is at $90.04 per barrel.
Let’s remember that in the first half of 2023, Russia’s oil and gas revenue fell by almost 50%. Currently, the Russian Federation is trying to stimulate the increase in oil prices.
Source: korrespondent
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