Brent crude hovers at $71.7 per barrel amid supply concerns

On the evening of September 27, 2024, prices for benchmark crude oil grades continued to rise moderately. However, they are set to end the week in negative territory amid concerns over increased fuel supplies in the global market, according to Report.

As of 18:55 Baku time, the November futures for Brent crude on the London ICE Futures exchange rose by 0.13% to $71.69 per barrel. Meanwhile, the price of November WTI futures on the New York Mercantile Exchange (NYMEX) increased by 0.49% to $68 per barrel.

Since the beginning of the week, Brent has become cheaper by 4%, and WTI has fallen by 4.5%.

Market participants and analysts are beginning to lean towards the opinion that OPEC+ will proceed with the planned production increase starting December 1. Previously, many hoped that amid weak global fuel demand forecasts, the group of oil-producing countries might postpone the start of supply increases once again.