Oil prices rise moderately

World oil prices on November 22 morning rose slightly after significant fluctuations in the previous trading session, Report informs referring to the auction data.

The price of January futures for Brent crude rose by 0.48% to $87.87 per barrel, January futures for WTI grew by 0.36% to $80.33.

Traders continue to monitor the supply and demand outlook, including Western sanctions on Russian energy and the coronavirus situation in China. But special attention remains on the actions of OPEC+.

On November 21, the price of oil at some point fell by 5%. Then the media reported that Saudi Arabia and other members of OPEC+ are discussing the issue of increasing production to 500,000 barrels per day. The price of Brent crude fell on November 21 for the first time since the end of September below $83 per barrel.

The Saudi state agency then said that the kingdom categorically rejects these reports, and the current OPEC+ production cut by 2 million barrels per day will continue until the end of 2023. After the refutation, the prices returned to the previous level.