Brent rose 4% last week

Brent crude oil rose by 4% last week, and WTI increased by 4.8%, according to foreign media, Report informs.

The oil market was supported last week by a sharp reduction in the base interest rate by the US Federal Reserve System (FRS), increased optimism among traders regarding the prospects of the US economy and, accordingly, demand for oil.

Oil prices continue to rise on September 23 due to the conflict in the Middle East. According to the London ICE Futures Exchange, the cost of November Brent futures on September 23 morning was $75.03 per barrel, which is $0.54 (0.72%) higher than at the close of the previous trades.

WTI oil futures for November on the electronic trading floor of the New York Mercantile Exchange (NYMEX) rose in price by 0.57 (0.8%) on September 23 morning, to $71.57 per barrel.