Oil gets cheaper, and Brent is at $90.23 a barrel

23.09.2022,09:40


September 23, Fineko/abc.az. Prices for oil of benchmark grade are declining in Friday’s trading.

The cost of November’s Brent crude futures at the London ICE Futures Exchange by 9:22 am is $90.23 per barrel, which is $0.23 (0.25%) lower than the closing price of the last session. Following the trading on 22 September, these contracts rose by $0.63 (0.70%) to $90.46 per barrel.

The price of November’s futures for WTI crude oil at electronic trading at the New York Mercantile Exchange (NYMEX) by 9:22 am is $83.25 per barrel, which is $0.24 (0.29%) lower than the final value of the previous session. Following the trading on 22 September, the value of these contracts rose by $0.55 (0.66%) to $83.49 per barrel.

As Nigerian Oil Minister Timipre Silva stated in an interview for Bloomberg, OPEC countries may resort to further oil production cuts if the market continues to decline, as the current price level affects the budgets of cartel members.