Oil prices rise

Oil prices rose on November 6 after a sharp decline last week, Report informs referring to Interfax.

The cost of January futures for Brent oil on the London ICE Futures exchange amounted to $85.3 per barrel, which is $0.41 (0.48%) higher than at the close of the previous session.

WTI oil futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) rose by $0.5 (0.62%) to $81.01 per barrel.

Last week, Brent lost 4.8% in price, WTI decreased by 5.9%, according to Dow Jones.

Concerns related to the escalation of the conflict in the Middle East have eased somewhat, and traders’ attention has switched to the prospects for supply and demand for oil on the world market, MarketWatch reports.