Oil prices rise after falling last week

At the beginning of the new trading week, oil prices are going up after showing a decline last week. The current price of Brent oil is $86.33 per barrel. North American WTI oil is trading near $82 per barrel. 

Last Friday, Brent closed at $84.70, WTI – at $80.25 per barrel. Just last week, Brent lost 4.8% of its value, and WTI - 5.9%.

Experts note that the fears associated with the escalation of the conflict in the Middle East have somewhat weakened. And now traders are focused on the dynamics of supply and demand in the global oil market. 

On Sunday, information was received from Saudi Arabia that the country will maintain the current volume of oil production cuts (1 million barrels per day) until the end of 2023. Nevertheless, in December, it is planned to revise this policy in order to possibly change production volumes: in the direction of deepening the reduction or increasing production.

Russia has also expressed its position: the country will extend an additional reduction in oil supplies to the world market by 300 thousand barrels per day until the end of December 2023, as confirmed by Russian Deputy Prime Minister Alexander Novak.