Global oil prices accelerate growth rates

World oil prices on September 27 afternoon accelerated growth rates to more than 1%, Report informs referring to the auction data.

The price of December futures for Brent crude jumped by 1.27% to $83.91 per barrel, November futures for WTI - by 1.15% to $77.6. In the morning, oil also rose in price, but at a slower pace.

A strong dollar and pessimism about demand will remain strong deterrents for prices through the end of the year, Goldman Sachs analysts were quoted as saying by Bloomberg.

However, as experts noted, in the longer term, the situation may change - the lack of investment and the low level of capacities and reserves of raw materials is increasing, and this should cause an increase in oil prices.

Global oil prices grew on September 27 morning after falling the day before, Report informs referring to the auction data.

The price of December futures for Brent crude rose by 0.72% to $83.46 per barrel, and November futures for WTI grew by 0.68% to $77.23.

On September 26, oil prices fell noticeably - Brent fell by 4%, from about $86, and WTI fell by 3.6%, from $79.5. At the same time, the price of Brent fell below $83 for the first time since January 11. The decline in quotes was due to fears about a recession in the world and the subsequent volatility of the markets, experts noted.

Markets also paid attention to the statement of Iraqi Oil Minister Ihsan Abdul Jabbar. In a televised interview, he said that the OPEC+ countries are monitoring the situation around oil prices, seeking to maintain a balance in the markets, and do not want a sharp increase or fall in quotations, Reuters reports.

The US dollar exchange rate also supports the rise in oil prices. Thus, the dollar index (the exchange rate against a basket of currencies of six countries - US trading partners) decreased by 0.37%, to 113.68 points. A cheaper dollar makes commodities, including oil, more available to buy in another currency.