Oil price stable after previous hike


September 5, Fineko/abc.az. Oil prices stabilized on Thursday after a price hike following the session on Wednesday, a record in two months.

The new US sanctions against Iran, as well as a statement by Russian Energy Minister Alexander Novak that the Russian Federation will reduce oil production to the level prescribed by the OPEC + deal in September supported the oil market on Wednesday.

As a result of September 4 trading at the London ICE Futures exchange, the November Brent crude futures rose by $2.44 (4.19%) to $60.70 per barrel. At 9:10 on Thursday, the  price of the November Brent futures fell $0.02 (0.03%) settling at $60.68 per barrel.

Meanwhile, the trading at New York Mercantile Exchange (NYMEX) resulted in the $2.32 (4.3%) rise in prices of October futures for WTI crude oil to $56.26 per barrel. On Thursday, at 9:20, the cost of the October WTI oil futures dropped by $0.07 (0.12%) settling at $56.19 per barrel.