Oil prices slightly accelerate growth

Global oil prices slightly accelerated growth on September 16 afternoon, Report informs referring to the auction data.

At the same time, since the beginning of the week, prices may show a drop of almost 2%, which might be the third consecutive week of decline.

The price of November futures for Brent crude rose by 0.61% to $91.39 per barrel, October futures for WTI grew 0.4% to $85.44. In the morning, oil rose in price by about 0.3%.

Since the beginning of the week, Brent may fall by 1.8%, WTI - by 2%, and this week could be the third in a row when oil prices fall. During this time, quotes have lost about 9%, dropping from $101 and $93 per barrel, respectively.

10:14

Global oil prices on September 16 morning recovered after falling the trading day earlier, Report informs referring to the auction data.

The price of November futures for Brent crude rose by 0.42% to $91.22 per barrel, October futures for WTI - by 0.32% to $85.37.

There is a positive trend in the oil market, which is due to the recovery of quotations after a strong fall in the previous trading session. So, on September 15, Brent oil fell by 3.5%, and WTI oil - by 4.3%.

Such a drop in quotes was mainly due to fears for the state of the world economy in connection with high inflation and the hawkish policy of central banks.

In addition, investors are negative about anti-COVID restrictions in China, which lead to a decrease in demand for fuel.