The cost of November futures contracts for Brent crude on the ICE exchange exceeded $89 for the first time since January 23, 2023. In this respect to witness trading platform data.
As of 18:02 Moscow time, prices reached a maximum of $89.02 per barrel. As of 18:10, the price of futures contracts decreased to $ 88.97 per barrel. By contrast, WTI October futures simultaneously rose 0.39% to $85.97 a barrel.
Experts interviewed by the agency ReutersWe expect the oil market to stabilize in the coming weeks. “I expect the global crude oil market to calm down in the next six to eight weeks due to refinery maintenance,” Vitol CEO Russell Hardy told the publication. He also noted that bad crude supplies to refineries with high sulfur content in India, Kuwait, Jizan (Saudi Arabia), Oman and China should remain tight given the OPEC+ cuts.
At the same time, employment data in the USA strengthened the expectations that the Fed will increase interest rates. Manufacturing activity in China unexpectedly rebounded, and Xi Jingping’s measures to support the recovery fueled demand optimism.
“Promises to support the service sector and ease restrictions on cross-border trade find sympathy in a market less affected by the lack of US participants,” said John Evans of PVM.
Recently AI-95 gasoline Established A new foreign exchange record in terms of value in the Russian domestic market.
Previously recognizedWhen oil prices drop to $50 a barrel