At auction, Brent and WTI oil prices fell below $87 and $85 per barrel, respectively, for the first time since September 1. This is evidenced by data from trading platforms. ICE And NYMEX.
The price of Brent December futures contracts fell to $86.9 per barrel as of 19:04 Moscow time. At the same time, WTI reached $85.18. Agency Reuters He attributed the sharp decline in oil futures to concerns about demand due to macroeconomic risks. At the same time, Kuwaiti Oil Minister Saad Al Barrak said that the oil market was moving in the “right direction” by balancing supply and demand.
“The market’s focus has shifted from short-term tensions to the consequences of long-term high interest rates, the resulting weak macroeconomic environment and how OPEC+ plans to deal with this at its meeting on 26 November,” analyst Callum McPherson said. At Investec.
Saudi Arabia recently approvedIt will continue to reduce oil production by 1 million barrels per day by the end of 2023. The Russian Federation also plans to maintain current restrictions.
Previously, the barrel price of Brent oil dropped to 88 dollars.