Brent oil exceeds $98 per barrel for first time since October 10

The price of a futures contract for Brent crude oil for delivery in January 2022 on the London ICE exchange exceeded $98 per barrel for the first time since October 10, Report informs referring to the auction data.

Thus, the cost of Brent grew by 3.52%, to $98 per barrel, then accelerated growth, reaching $98.1 per barrel. During the day, the cost of this brand of oil rose by 3.65%, amounting to $98.13 per barrel.

At the same time, futures for WTI crude oil for December 2022 delivery rose by 4.19% to $91.86 per barrel.

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Oil prices fell about 2% on November 4, Report informs referring to the auction data.

Investors fear a global recession that will sharply reduce demand for raw materials. These fears were heightened by the continuation of the policy of zero tolerance for COVID by the Chinese authorities, as well as the increase in interest rates by the US Federal Reserve System (Fed), which supported the dollar.

However, price reduction potential is limited amid concerns about lack of supply.

Brent crude futures closed down $1.49, or 1.5%, at $94.67 a barrel. WTI futures fell $1.83, or 2%, to $88.17 a barrel.