Oil price grows, and Brent is at $91.9 a barrel

09:40 - 19.09.2022


September 19, Fineko/abc.az. Prices for oil are increasing in Monday’s trading thanks to the increased optimism of traders regarding the prospects for demand.

The cost of November’s Brent crude futures at the London ICE Futures Exchange by 9:10 on Monday is $91.9 per barrel, which is $0.55 (0.6%) higher than the closing price of the previous session. Following the trading on Friday, these contracts rose by $0.51 (0.6%) to $91.35 per barrel.

The price of WTI oil futures for October on the electronic trading of the New York Mercantile Exchange (NYMEX) has risen by this time by $0.37 (0.43%), to $85.48 per barrel. By the close of the market on Friday, the value of these contracts increased by $0.01, to $85.11 per barrel.

Following the past week, Brent fell by 1.6% and WTI by 1.9%.

"The main cause of the fluctuation in oil prices is the change in demand expectations. The easing of quarantine restrictions in China is an important factor for the market. Here speech is about deferred demand, and this explains the immediate reaction of the market," an analyst at Mizuho Bank Ltd says.

 

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