Oil prices may rise by 25% by quarter-end due to shortage risk

Global oil prices increased slightly on September 29 morning. At the same time, by the end of September, the growth in quotations may reach 10%, and for the quarter - at least 25% amid fears of a shortage in the market, Report informs referring to trading data.

The price of December futures for Brent oil rose by 0.08%, to $93.17 per barrel, and the price of November futures for WTI grew 0.11%, to $91.81.

Since the beginning of the month, quotes for both brands have increased by 7.3% and 9.8%, respectively, and since the beginning of the quarter, growth is estimated at almost 25% and 30%, respectively. At the end of June, Brent oil cost about $74.9, WTI - $70.6 per barrel.

Oil prices were supported by concerns about a possible shortage in the oil market as OPEC+ countries continue efforts to reduce production.