Trading data shows the price of Brent crude futures for December delivery on the London ICE exchange fell below $87 a barrel for the first time since October 13.
According to stock exchange data at 18:06 Moscow time, the Brent price decreased by 1.57% to $86.71 per barrel. However, as of 18:24 Moscow time, the oil price began to increase, completely compensating for its losses, reaching $ 88.39 per barrel. Light WTI futures for December delivery fell 0.21% to $83.55. The collapse in price quotes was due to the lack of important news.
“These data are somewhat inconsistent with the idea that oil will be unaffected by seasonal demand forecasts for this winter in the Northern Hemisphere,” John Evans of oil broker PVM told the agency. Reuters.
According to Andrey Kochetkov, leading global research analyst at Otkritie Investments, at this stage oil has stabilized after the slight decline in the morning. “On the one hand, the Middle East crisis keeps the market on edge, and aggressive rhetoric between Iran and participants in the Palestinian-Israeli conflict indicates that tensions will increase. On the other hand, there has been no reaction from oil producers yet and there is no mention of any oil restrictions so far. In particular, the expert noted that on Tuesday, negotiations were held between the leaders of Saudi Arabia and the United States on measures to prevent the escalation of the conflict.
Yesterday in England excluded Oil prices rose to $150.
He was previously chairman of a Greek energy company guess rising gas prices.