Global oil prices rose on October 29 morning after declining by an average of 1-2% during the trading week, according to trading data, Report informs citing Prime.
As of 8:50 a.m. (GMT+4), the price of January futures for Brent crude rose by 0.36% to $83.96 per barrel, while the price of December futures for WTI oil rose by 0.17% to $82.95 per barrel.
Such dynamics has been observed on the oil market after the price of Brent crude fell by 1.8% over the week, and WTI crude by 1%. Various factors contributed to this decline.
Investors have been watching closely for news of a possible renewal of the nuclear deal between Iran and the EU countries, which could potentially bring additional volumes of oil to the market.
In addition, the rise in COVID-19 cases worldwide could weaken oil demand, according to ANZ analysts cited by the Wall Street Journal.
China, one of the world’s largest oil importers, continues to fight COVID-19 outbreaks with lockdowns that limit demand for crude oil, the experts added.