Oil prices fell to a two-month low

Last week oil prices fell by 9-10% as investors’ concerns about demand from China ease and the dollar continues to strengthen. Last Friday, November 18, January futures for Brent closed at $87.62 per barrel, and for WTI at $80.1, which was the lowest level since September 27. Today, prices continued to decline: Brent fell by 0.8% to $86.88 per barrel, and WTI – by 0.7% to $79.5.

Experts interviewed by Reuters note that the reason for the decline in energy prices could also be the fact that European countries and companies managed to almost completely fill their oil and gas storage facilities before the heating season and on the eve of the entry into force of the EU embargo on Russian oil supplies, which is planned on December 5th.

Evgeniy Khvostik