Oil prices correct after sharp rise
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Futures for Brent oil on the London ICE exchange amounted to $104.28 per barrel. This is $0.81 (0.77%) lower than the closing price of the previous session. A day earlier, the price rose 4.1% to $105.09.
The price of futures for WTI oil for October in electronic trading on the New York Mercantile Exchange is $96.76 per barrel, which is $0.25 (0.26%) lower than the final value of the previous session. A day earlier, the cost of these contracts increased by 4.2% to $97.01 per barrel.
The rise in prices the day before could be caused by possible prospects for a reduction in oil supply and an increase in demand in the markets. This may be due to clashes between two armed groups in Tripoli, which will help reduce oil supplies from Libya. In addition, the rise in prices could be influenced by statement Saudi Energy Minister Prince Abdulaziz bin Salman that OPEC could cut its production.
The increase in demand may be due to a recent statement by entrepreneur Elon Musk, who saidthat in the short term, humanity may need more oil and gas, given that without fossil fuels, “civilization will collapse.”
Read about the situation with oil production in Russia in the material “Russian oil production has reached the shelf”.
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