Oil prices unstable

Global oil prices showed instability on Friday morning amid multidirectional factors, while at the end of the week they may show a decline after seven consecutive weeks of growth.

Report informs, citing the auction data, that the price of October futures for Brent crude oil decreased by 0.05% to $84.08 per barrel, while September futures for WTI increased by 0.14% to $80.5.

Since the beginning of the week, the prices may show a decline of about 3% after seven consecutive weeks of growth, during which oil rose by about 17.5% and 20%, respectively.

Vishnu Varathan, head of economics and strategy at Mizuho Bank, Singapore, noted in a comment to Bloomberg that the strengthening of the dollar and risk aversion curbed oil prices, and "weak data from China became a weak consolation for commodities."

China is one of the largest consumers and importers of oil. China's weak industrial statistics published this week raised concerns about the forecasts of demand for this type of crude.

The prices were also curbed by expectations of new rate hikes by the US Federal Reserve (FRS). According to the minutes of the regulator published on Wednesday, the participants of the July meeting expressed concerns about the current level of inflation and did not rule out further tightening of monetary policy. An increase in the rate supports the value of the dollar, and this makes commodities less available for purchase in another currency.