Oil prices stabilize after long decline

Global oil prices fell slightly on October 13 morning, stabilizing after several days of decline. Markets are waiting for data on the weekly change in the stocks of raw materials in the US, Report informs referring to the auction data.

The price of December futures for Brent crude rose by 0.09% to $92.53 per barrel, November futures for WTI fell by 0.06% to $87.22.

Over the previous three trading sessions, prices have decreased by about 5.5% on fears of a recession and falling demand for oil.

On October 12, the markets also paid attention to the OPEC report. In the document, the organization lowered its forecast for growth in global oil demand for the year by 0.5 million barrels per day, to 2.6 million.

Investors are also evaluating data from the American Petroleum Institute (API) on US oil reserves. According to the API, commercial stocks of this type of raw material in the country for the week to October 7 jumped by more than 7 million barrels. Official statistics will be published by the US Department of Energy on October 13 evening.